Iowa State University generates revenue and receives funding from various sources. The classification of the various revenue and funding sources for the university are illustrated in the University Funding Sources diagram. The university's financial planning is an ongoing, integrated process that encompasses a multi-year planning horizon and culminates in an annual operating budget for the university.

The process for developing the university's General University Fund budget utilizes the principles and mechanisms prescribed by the Resource Management Model, a responsibility-centered and incentive-driven resource allocation model. Similar financial models are used for developing the annual operating budgets of the university's auxiliary units and research programs whose revenues and expenses are managed outside the university's General Fund.

The institution utilizes the WorkDay Adaptive Planning system for budget development and forecasting purposes.