Converting Faculty Salaries Between Fiscal and Academic Year
Standard Operating Practice to Convert Faculty Salaries Between Fiscal and Academic Year
Varied circumstances require that a faculty member’s salary be adjusted from a fiscal year (12 month) basis to an academic year (9 month) basis and vice versa. NC State University uses a 9:11 conversion factor.
The ratio 9:11 is used rather than 9:12 because faculty members on an academic year appointment do not earn vacation or sick leave, but faculty members on a fiscal year appointment do. The latter earn one month of vacation leave annually and thus eleven months of work days are used in the comparison.
This has been the practice for many years and is now being codified in this Standard Operating Practice.
To convert a fiscal year salary to an academic year salary divide by 1.22
(fiscal year salary) / 1.22 = academic year salary
Example: 12 month salary = 70,000
70,000 / 1.22 = 57,377 (9 months salary)
To convert an academic year salary to a fiscal year salary multiply by 1.22.
(academic year salary) * 1.22 = fiscal year salary
Example: 9 months salary = 70,000
70,000 x 1.22 = 85,400 (12 months salary)
This conversion factor applies only to faculty members.