1 1.University Budget 2.Financial Statements. 2 University Budget 2013/2014 Academic Year.

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Presentation transcript:

1 1.University Budget 2.Financial Statements

2 University Budget 2013/2014 Academic Year

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6 Regular Budget for 2013/2014 Academic Year (Million NIS) 2012/ /14 OriginalActual Original BudgetPerform. Budget INCOME Planning & Budgeting Committee (PBC) Allocations Income from Students Donations for the Regular Budget * Transfer from External Funds Yields from Endowment Funds Financing Income Income from Miscellaneous Sources Investments Designated for Pensions & Compensation PBC Balancing Fund 11.2 Funds to Finance One-time Projects University Funds used to Balance The Budget Total Income EXPENDITURES Salaries and Benefits Budgetary Pensions Refund from Tamar Provident Fund & Other Compensation and Retirement Grants Equipment & Computerization Books & Journals Operations and Maintenance Scholarships General Expenditures Offsetting Overhead Participation in Closed Budgets Funding of Subsidiaries 1.6 Transfer to Funds - Internal / External Commitments 11.4 Total Expenditures Total Surplus / Deficit0.0 * The total donations budget for 2013/14 is NIS 83 million, of which NIS 13 million is for the regular budget and the rest are designated for funds, research budgets and closed budgets.

7 Financial Statements as of September 30, 2013

8 Guidelines Regarding Accounting Principles and Financial Reporting In November 2009 the PBC issued new “Guidelines Regarding Accounting Principles and Financial Reporting by Institutions of Higher Education in Israel”. The Financial Statements, as of September 2013, are prepared in accordance with the new guidelines.

9 Guidelines Regarding Accounting Principles and Financial Reporting The main changes in the Financial Statements following the new guidelines are: The actuarial liabilities for budgetary pension where taken out from the Balance Sheet and are presented in the Notes to the Financial Statements (Note 13). Fixed Assets - Land and buildings – are presented in the Notes to the Financial Statements (Note 8) at reported cost. The Statement of Activities comprises all revenues and all expenditures, including close budgets, research budgets, and investment in fixed assets.