Southern Association of College & University Business Officers - SACUBO Annual Meeting

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Glossary

1

Auxiliary enterprise

A self-supporting campus operation such as housing, dining, parking, bookstores, or athletics that charges fees for goods or services. Business officers track auxiliaries separately because they carry their own revenue, debt, and reserve obligations.

2

Auxiliary services

The administrative unit that runs non-academic revenue activities, including residence halls, meal plans, conference services, and campus retail. At SACUBO, sessions often address pricing, margins, and deferred capital needs for these operations.

3

Tuition discounting

The practice of using institutional grant aid to reduce published tuition for selected students. It is measured by the discount rate and directly affects net tuition revenue, enrollment strategy, and budget planning.

4

Net tuition revenue

Gross tuition and fees minus institutional scholarships and discounts. It is a core revenue line for private and public institutions and a frequent topic in budget-model and enrollment discussions.

5

Strategic enrollment management

A coordinated approach to recruiting, retaining, and graduating students while meeting revenue and mission goals. Business officers align tuition models, financial aid, and campus capacity with the enrollment plan.

6

Composite Financial Index (CFI)

A multi-factor measure of financial health that combines primary reserve, viability, return on net assets, and operating margin. It is widely used by higher-education finance teams and rating analysts.

7

Operating margin

The difference between operating revenue and operating expenses, usually expressed as a percentage of revenue. A thin or negative margin signals reliance on reserves, endowment support, or one-time actions.

8

Unrestricted net assets

Net assets without donor-imposed restrictions. They provide flexibility for operations, debt service, and strategic investments, and are closely watched in board and rating discussions.

9

Endowment spending policy

The formula that determines how much of an endowment is distributed each year, often a percentage of a trailing average market value. The policy balances intergenerational equity with operating support.

10

Deferred maintenance

Capital repairs and replacements postponed to future budgets. Accumulated deferred maintenance can raise operating risk and future costs, making it a recurring facilities and finance topic.

11

Capital renewal

Planned replacement of building systems and infrastructure as they age. It differs from new construction and is usually funded through reserves, debt, or dedicated capital fees.

12

F&A costs

Facilities and administrative costs, also called indirect costs, that support sponsored research and other programs. Recovery rates and cost pools are governed by federal and institutional policies.

13

Indirect cost recovery

The process of recovering facilities and administrative costs from sponsored agreements. Business officers monitor recovery rates, cost studies, and compliance with sponsor terms.

14

Uniform Guidance (2 CFR 200)

U.S. federal rules for grants and cooperative agreements covering allowable costs, procurement, subrecipient monitoring, and audit requirements. It shapes research accounting and single audit work.

15

GASB

The Governmental Accounting Standards Board, which sets accounting standards for public colleges and universities. Recent standards cover leases, subscriptions, and financial reporting disclosures.

16

FASB

The Financial Accounting Standards Board, whose standards apply to private colleges and universities. Topics include revenue recognition, leases, and nonprofit financial statement presentation.

17

Title IV

The federal student aid programs authorized under the Higher Education Act. Compliance covers eligibility, disbursement, return of funds, and audit requirements for participating institutions.

18

Bursar

The campus office responsible for student billing, cashiering, payment plans, refunds, and collections. Bursar operations connect directly to student accounts receivable and financial aid disbursement.

19

Student accounts receivable

Amounts owed by students for tuition, fees, housing, and other charges. Aging, payment plans, and write-off policies are key controls for the bursar and finance team.

20

Financial aid leveraging

Using institutional aid strategically to shape enrollment, net revenue, and student success. Models often segment applicants by likelihood to enroll and net tuition contribution.

21

Shared governance

The system of collaboration among faculty, administration, and boards on academic and resource decisions. Business officers translate shared governance into budget timelines and transparent financial reporting.

22

Responsibility center management (RCM)

A budget model that assigns revenue and costs to schools or units and holds them accountable for results. It requires clear cost-allocation rules and strong central services.

23

Procurement cooperative

A purchasing consortium that aggregates demand so members can obtain contracted pricing and terms. Higher-education buyers use cooperatives for software, supplies, lab equipment, and services.

24

RFP

A request for proposals that invites vendors to bid on a defined scope, evaluation criteria, and contract terms. Public institutions often have statutory or board-approved procurement thresholds.

25

Bond rating

An independent credit opinion on an institution's or issuer's ability to repay debt. Ratings affect interest rates and covenant terms for campus capital projects.

26

Debt service coverage

A measure of available revenue relative to annual principal and interest payments. It is a common bond covenant and a key treasury metric for capital planning.

27

Lease accounting (GASB 87)

The standard requiring many leases to be reported as lease liabilities and right-to-use assets. Campus teams inventory real estate, equipment, and embedded leases to comply.

28

Space utilization

Analysis of how efficiently classrooms, labs, offices, and event space are used. Space data supports capital requests, scheduling policy, and deferred maintenance priorities.

29

Enterprise risk management (ERM)

A structured process for identifying, assessing, and monitoring risks across the institution. Common higher-education risks include enrollment, cyber, research compliance, and extreme weather.

30

Internal controls

Policies and procedures that safeguard assets, ensure reliable reporting, and support compliance. Segregation of duties, approvals, reconciliations, and system access controls are core elements.

31

Segregation of duties

Dividing responsibilities so no single person controls a transaction from initiation through recording and custody. It is a basic control for cash handling, purchasing, and payroll.