What is the difference between Accounting and Finance?
Accounting (The Past): It is the process of recording, reporting, and analyzing past financial transactions. Its goal is accuracy and compliance. Accountants ensure that every dollar spent or earned is documented according to specific rules.
Finance (The Future): It is the process of using the data provided by accounting to plan for the future. Its goal is value creation and wealth maximization through budgeting.
What does the “first dollar rule” mean?
The Rule: If you have multiple pots of money to pay for a project—some "restricted" (can only be used for a specific purpose) and some "unrestricted" (can be used for anything)—you must use the restricted dollars first.
Why it matters: Donors give money with "strings attached." It is best practice to honor the donors’ wishes by using that funding first. Using the restricted "first dollar" ensures compliance and keeps the general funds available for other needs.
What does “zero based budgeting” mean?
Building a zero-based budget is a method where the department builds their budget for the year by starting at zero and forecasting their financial needs. This ensures that every single dollar has a specific "job" to do—whether that’s paying for equipment, salaries, or other department expenses. Budget managers often look at what the department spent last year to determine the costs for next year’s programs and events.
When do I use a Budget Revision versus a Journal Entry form?
If you are temporarily or permanently moving funds from one operating account line or departmental budget to another, you must use a Budget Revision form. Only requests involving the operating fund number 100000 will be used on this form. Please use the full FOAPAL rather than index codes.
If you are correcting an accounting error or need to move funds from a non-operating budget to another non-operating budget, or one or both fund numbers are not 100000, you must use a Journal Entry form.
How can I update my direct deposit information?
Direct deposit forms are located on CamelWeb as well as on Dayforce. You will need to print off the form and fill out the information. Once filled out you will need to mail the form to the Payroll Department at Nichols House or you can drop off the form at our office.
How can I update my W4 forms?
W4 forms are located on CamelWeb as well as on Dayforce. You will need to print off the forms and fill out the information. Once filled out you will need to mail the form to the Payroll Department at Nichols House or you can drop off the form at our office.
Who should sign a contract?
Typically, only senior administrators should sign contracts, in accordance with the Contracting Authority Policy.
What is an encumbrance, and does it charge my budget?
No, an encumbrance comes from a purchase order. Once a requisition is fully approved, it becomes a purchase order (PO). At that time, the funds are held in your budget through an encumbrance under the FOAPAL you included on the Requisition in CTW OneSource. Your budget is not actually charged, until the invoice is processed for payment. A PO creates an encumbrance while an invoice actually charges your budget.
Term
What it means for you
Budget
The total amount you were allocated to spend this year
Encumberance
Money that is “spoken for” but not yet paid out. A Purchase Order, or PO, will create an encumbrance in your budget. In other words, it will hold those funds for that purchase so they cannot be spent on anything else
Expenditure
Expense that has been incurred and paid (the invoice has been processed and the “check has cleared”).
Available Balance
What you actually have left to spend (Budget - Encumbrances - Expenses = Available Balance)
If a Purchase Order needs to be cancelled, what should I do?
Contact purchasing@conncoll.edu. First the supplier needs to have confirmed that the order is cancelled.
Next, Procurement Services can close the Purchase Order and remove the encumbrance from your budget, so the funds are free to be spent on other purchases.
Where can I find the Breakdown of the Comprehensive Fee?
For the breakdown of the comprehensive fee, payment plan and other fee-related matters, please refer to the following web page Fees and Payments.
I’m not seeing my financial aid posted to my account. Who should I contact to resolve this?
If you are not seeing your financial aid or merit based scholarships reflected in your account activity, contact the Financial Aid office for a status update. They may be waiting for further documentation or acceptance of the aid before it can be released. You can contact the Financial Aid office at 860 439 2058 or by email at finaid@conncoll.edu.
My payment plan doesn’t cover my current balance, what do I do to align it?
You cannot currently make this change yourself. The Bursar’s Office can adjust your payment plan balance for you. Contact us at 860 439 2165 or by email at bursar@conncoll.edu.
I need to inquire about a miscellaneous charge on my account. Who do I contact?
Please contact the department that assessed the charge. You can find a list of common miscellaneous charges and the department that assigned them here.
I have been charged for student health insurance for the year but I am already enrolled in a health insurance plan, how do I get the charge removed?
All full-time matriculated Connecticut College students are required to maintain adequate health insurance coverage. Students will have the Student Health Insurance premium on their bill, pending the decision to enroll or waive out. To waive the insurance, the request must be submitted by the posted deadline. Information on waiver requirements and where to find the waiver form can be found on the web page, Student Health Insurance Plan. If you have any further questions, contact the Health Services Department at 860 439 2275 or by email at shs@conncoll.edu.
I want to be able to inquire as to a charge or the balance due on my student’s account. What do I need to do to be given access to that information?
Under FERPA regulations, CCPAY student account information is private, requiring students to explicitly add parents or third parties as "Authorized Payers" to view bills, make payments, or manage payment plans. Students can add authorized parties directly within their CCPAY portal by selecting the "Add an Authorized Party" option. The student) maintains control of their authorized payers and can remove authorized access at any time. For more information, navigate to the web page CCPAY FAQ.