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Grants Management and student Financial Aid budgeting

atif_farooq
Active Contributor
0 Kudos

Hi:

At our client ,currently client is following an excel based budgeting approach to estimate budget for student financial aid. A lump sum figure for expected financial aid is arrived after thorough working of many departments and budget department incorporates it in its budget excel sheet. Now the budgeted amount includes two element. Eg. budget figure for financial aid is 350 Million , of this it is expected that 100 million will be financed be external sponsorship (for this i will use grants management since donor wise reporting is required) now the remaining 250 million budget is the one that client will bear himself. This will not be recovered from anywhere.For this particular scenario i have advised client to use Funds Management and make a Pool fund center in which 250 Million budget will be posted and will be consumed as soon as financial aid is given to the student through clearing difference payment in F-32 and debiting relevant expense GL hence deriving and consuming budget. Am i working on the right lines ? Please guide me.

Regards

1 ACCEPTED SOLUTION

atif_farooq
Active Contributor
0 Kudos

I will post whole 350 Million in FM-BCS and use  GM ceiling to account for 100 M budget in GM-GTE when an award is received .

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1 REPLY 1

atif_farooq
Active Contributor
0 Kudos

I will post whole 350 Million in FM-BCS and use  GM ceiling to account for 100 M budget in GM-GTE when an award is received .