Selector's Toolkit: Budget

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 with restrictions on the use of the fund established by donors. There are two types of endowed fund lines - earnings and accumulated:

  • Fund lines for earnings are designated in the fund code E-XXX-XEXX. The earnings on the fund can be expected as an allocation each year with some variability due to fluctuations in the financial markets. Any unspent balance in an endowed earnings fund line will carry forward into the fund line for the accumulated balance at the end of the fiscal year.

  • Fund lines for accumulated balance are designated in the fund code E-XXX-XAXX.  Any unspent money in this fund or in the associated earnings fund will carry forward into this fund in subsequent years. 

  • Descriptions of restrictions can be found in Alma in the Fund Note.

• 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; descriptions of restrictions can be found in Alma in the Fund Note.

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

Reports below require that you first log into Alma

• 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.