Information And Actions Being Taken Related To COVID-19
The Military College of South Carolina
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Training Materials and Other Information

Training

The Budget Office is always available to answer your questions. Our aim is to provide periodic formal training for all Resource Advisors. We encourage the attendance of Administrative Coordinators and other Banner Finance users. We hope to have our next training in January or February 2021 (likely by Zoom). In the meantime, please check out our new, expanded training slides.

Fringe Rates

When budgeting for faculty, staff, and other types of employment at The Citadel, it is important to remember the cost of fringe benefits. The fringe rate is a percentage required above the base salary or payment for services. For example, to fund a classified staff (12 month) position in FY 19, you must budget for 38.5% of the base salary as an added cost. Stated differently, if you plan to recruit for a position at $35,000, you must actually budget $48,475 (35,000 x 1.385). The additional $13,475 is reserved for the cost of employee benefits (such as health insurance and pension/retirement).

What if you have only have $43,000 in the budget? For the same employee classification (classified/12 month/38.5%), divide $43,000 by 1.385. The quotient $31,047 is the maximum base salary that you can pay.

Fringe rates are subject to change each fiscal year. Key drivers of this include changes in insurance premiums and pension funding requirements. For additional information about fringe rates, see the FY 2021 Fringe Rate Chart. Remember to always consult a HR professional regarding questions about employee classification.  

 

Standard Lab Fee vs. Special Lab Fee: What's the difference?

Effective Academic Year 2020-2021, all lab fees are coordinated through the Registrar's Office. Special Lab Fees no longer exist.

 

FY21 Budget Load Estimated Dates

 Fund Type

Estimated Date

Status

General Fund 110000 Operating and Revenue 7/1/2020 Complete
Athletics Fund 210010 Operating and Revenue 7/1/2020 Complete
Auxiliary Services Operating and Revenue 7/1/2020 Complete
Infirmary 8/15/2020 Complete
Labor Budgets (All Funds)  7/8/2020 Complete
TCF Gift Funds (34s, 35s) 1/15/2021 Pending
Cash Carry Forward (12s, 13s, 14s, 16s) 11/1/2020 to 1/15/2021 Pending
Trust Funds 1/15/2021 Pending
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