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Monetary Rounding

Page history last edited by Kim Miller 11 years ago

3/26/09

 

Scott Dermont, IA

Question:

I’m wondering how monetary amounts on the survey should be rounded. I am assuming that we report whole numbers but is there a standard for rounding? We drop fractions, but I am wondering if rounding to the nearest is more equitable. Rounding up or down might be easier for those who are numerically challenged…

 

IMLS Response:

One would think this issue would have been formalized in the revenue/expenditure definitions, but it’s not, nor does anything about rounding appear in the blog/wiki discussion threads

 

Going forward, let’s keep things simple and round to the nearest whole dollar.

 

Comments:

Ron Winner, IL

In IL we ask them to round all to the nearest whole dollar.

 

Comments to IMLS Response:

Edie Huffman, IN

That’s what Indiana has done for years.

 

 

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