Fringe benefits are no longer pooled, but budgeted in departments to achieve better visibility into this cost and ultimately, develop a fringe benefit average rate. The new system will enable more sound budgeting of personnel expenses.
- More accurate administrative accounting of fringe benefits, forcing expenses to be consistently booked in appropriate budgets
- Average fringe benefit rate improves budgeting decision-making on HR decisions.
- Higher visibility of unrestricted funds spent on all personnel lines, including restricted funded positions