Big thanks to @Doug Williams who offered great insight and support on how to leverage text mode to build a calculated custom column. I was able to get a percent of a budget spent on a project. Please note using the calculated column within a report means you can't use custom filters or sort the data values. Here's the code to build for a custom calculated column within a report.
displayname=Percent IT Budget Spent
namekey=IT Actual Amount PJT
textmode=true
valueexpression=ROUND(DIV({DE:IT Actual Amount PJT},{DE:IT Budget Amount PJT})*100,0)
valueformat=doubleAsPercent
On a project object, we have two calculated fields pulled into a report. This formula is equating two custom fields, subtracting the values then returning the value in a percent format. Hope this helps someone else. DENISE SERIEUX-BLANCHARD Digital Program Development and Operations