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Selector's Toolkit: Budget

resources for collection analysis

Monograph funds - firm orders

Each subject specialist manages one or more funds to pay for books selected as firm orders (GOBI slips, reader requests, etc.).

  • M funds (e.g., M-S.E-ECIV) are allocated annually from MIT's general budget. M funds must be spent within the year they are allocated and cannot be carried forward to the next year.
  • E funds (e.g., E-SSM-DKIND) are funded by income from endowments established by donors.  Income on endowments is allocated to E funds annually and varies according to market conditions. E funds not spent during a fiscal year are carried forward to the next year. Some endowed funds have restrictions on how they can be spent. See this report of Endowed and Gift Fund Restrictions (Tableau).
     
  • G funds (e.g., G-A.H-MGEN) are funded by gifts from donors.  They are allocated at the time of the donation and are carried forward each year until completely expended. Some gift funds have restrictions on how they can be spent. See this report of Endowed and Gift Fund Restrictions (Tableau).

Serials funds

Each CoP, CSA, and Information Resources (IR) has a fund for uncommitted serial funds (ZNEW) and for committed funds (CMMT).

Arts & Humanities S-A.H-ZNEW S-A.H-CMMT
Science & Engineering S-S.E-ZNEW S-S.E-CMMT
Social Science & Management S-SSM-ZNEW S-SSM-CMMT
Interdisciplinary S-CSM-ZNEW S-CSM-CMMT
Large journal packages S-IRC-ZNEW S-IRC-CMMT

Funds move from ZNEW to CMMT when new serials are purchased and from CMMT to ZNEW when serials cease or are canceled.

The Aga Khan endowment has a single serials fund:  W-KHN-CMMT

Budget Reports

Other funds

  • Approval Funds

Each library location has a fund to pay for books purchased on the approval plan (see also Monographs). 

  • Carry Forward Funds

Funds that carry forward unspent balance from previous years.  Used for strategic purchasing.

  • Central Funds

Funds for central purchases of one-time or ongoing materials.

  • Replacement Funds

Fund to cover the cost of replacing missing, lost, or damaged books.  See procedure document.  

  • Reserve Funds

Each library location has a fund for reserves staff to purchase books requested by faculty for course use.  See procedure document

  • Suggested Purchase Fund

Central fund used to cover the cost of items purchased by patron request.