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EXHIBIT II: TSTC Definitions<br />
EXHIBIT III: TSTC Fund Accounting<br />
Summary<br />
Definitions<br />
<strong>Budget</strong> – An expenditure plan.<br />
28 STRATEGIC PLAN & BUDGET REPORT<br />
SACSCOC – Southern Association of Colleges<br />
<strong>and</strong> Schools Commission on Colleges, TSTC’s<br />
accrediting agency.<br />
Minute Order – Minute Orders are the<br />
documentation of action by the Board of Regents.<br />
Ad Hoc – A committee assigned by the Chairman<br />
of the Board of Regents to focus on a specific<br />
topic.<br />
4DX – Four Disciplines of Execution, a book by<br />
Chris McChesney, Sean Covey <strong>and</strong> Jim Huling that<br />
outlines an operating model for execution.<br />
CARES - Coronavirus Aid, Relief, <strong>and</strong> Economic<br />
Security Act<br />
WIG – Wildly Important Goal, a Franklin Covey<br />
term from the book 4 Disciplines of Execution.<br />
SEE – Survey of Employee Engagement, an annual<br />
survey that TSTC participates in to gather data on<br />
the teammates perception of the College.<br />
ERP – Enterprise Resource <strong>Plan</strong>ning software<br />
used to transform business processes, people <strong>and</strong><br />
technology.<br />
Pipeline – The progression of a student through<br />
TSTC from time of application to measuring wages<br />
in a placed job in the Texas workforce.<br />
Program Vitality – The analysis of enrollment,<br />
graduation, job placement, persistence, student<br />
wage reports <strong>and</strong> other metrics to inform program<br />
mix.<br />
Scorecard – A periodic report of key student<br />
success <strong>and</strong> performance indicators <strong>and</strong> outcomes<br />
designed to support the strategic direction of the<br />
College’s Student Learning division.<br />
IBU - Individual Business Unit is a specific program<br />
at a specific location.<br />
IBM - Individual Business Managers oversee<br />
specific IBUs<br />
Core Ops – A group of Vice Chancellors that<br />
have oversight of the College’s core operations:<br />
Student Learning, Student Service, Advancement &<br />
Communications, <strong>and</strong> Finance.<br />
TSTC budgets are essentially expenditure plans.<br />
TSTC expenditure plans must be balanced against<br />
revenues for each fund, including use of prior<br />
revenues within a fund balance.<br />
TSTC establishes budgets at the unit level. Once<br />
budgets are established, TSTC maintains fiscal<br />
control by monitoring expenditures against the<br />
budget.<br />
The Board adopts an original budget for each fiscal<br />
year. During the year, the budget is adjusted to<br />
account for any necessary changes, including new<br />
gifts, grants <strong>and</strong> other revenue sources as they<br />
occur. Only budget changes over $500,000 require<br />
Board approval.<br />
Contribution Margin – Revenue minus direct cost.<br />
Describes the unit’s ability to cover variable or<br />
direct costs with revenue.<br />
Fund – A sum of money saved or made available<br />
for a particular purpose.<br />
Fund Accounting – The accounting for funds that<br />
serve different or separate purposes. In effect,<br />
accounting for various funds can be compared to<br />
accounting for different companies or different<br />
divisions of a company. All transactions are<br />
separately accounted for to keep the fund<br />
balances separate even though actual cash from<br />
some of the funds may be co- mingled in local<br />
bank accounts.<br />
Fund Accounting Equation – Beginning Balance +<br />
Revenues – Expenditures = Ending Balance.<br />
Unit – An account code that is associated with a<br />
department or unique purpose. Any number of<br />
units make up a TSTC fund.
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