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Cost Transfer: Difference between revisions
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Policy No.: '''6106'''<br /> | Policy No.: '''6106'''<br /> | ||
Effective Date: '''10/27/02''' <br /> | Effective Date: '''10/27/02''' <br /> | ||
Revised Date: '''08/ | Revised Date: '''08/22/22 draft''' <br /> | ||
Reviewed Date: ''' | Reviewed Date: ''' ''' <br /> | ||
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<big>'''Cost Transfer Policy'''</big> | <big>'''Cost Transfer Policy'''</big> | ||
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*For this policy and the cost transfer procedure “federal award” includes both federal awards to UNMC and federal pass-throughs where UNMC received federal funding indirectly through another institution. | *For this policy and the cost transfer procedure “federal award” includes both federal awards to UNMC and federal pass-throughs where UNMC received federal funding indirectly through another institution. | ||
*The transfer must be supported by the [http://info.unmc.edu/media/spaccounting/cost_transfer_expl__justifica.doc Cost Transfer Explanation and Justification] form to clearly explain why the transfer is being made. The explanation must be sufficient for a reviewer to understand the transfer and conclude that it is appropriate. A statement that merely says "to correct error" or "to transfer to correct account" is not sufficient. | *The transfer must be supported by the [http://info.unmc.edu/media/spaccounting/cost_transfer_expl__justifica.doc Cost Transfer Explanation and Justification] form to clearly explain why the transfer is being made. The explanation must be sufficient for a reviewer to understand the transfer and conclude that it is appropriate. A statement that merely says "to correct error" or "to transfer to correct account" is not sufficient. | ||
*Whenever possible the department creating the transfer must also maintain documentation for the original charge that is being moved, such as a copy of the original vendor invoice | *Whenever possible the department creating the transfer must also maintain documentation for the original charge that is being moved, such as a copy of the original vendor invoice and SAP document. | ||
*The transfer should be submitted as soon as possible after the error is discovered, and must normally be processed within 90 days of the original entry. Transfers or charges more than one year old will not be allowed. | *The transfer should be submitted as soon as possible after the error is discovered, and must normally be processed within 90 days of the original entry. Transfers or charges more than one year old will not be allowed without further review and approval by Business & Finance leadership (Assistant Vice Chancellor & Director, Budget and Fiscal Analysis or Assistant Vice Chancellor for Business and Finance – Finance and Business Services). | ||
*In addition to the Cost Transfer Explanation and Justification questions, Sponsored Programs Accounting may require additional documentation for any cost transfer where the aggregate cost being moved to a federal award is greater than $500. If the documentation is not sufficient to support the transfer Sponsored Programs Accounting will reverse the entry. | *In addition to the Cost Transfer Explanation and Justification questions, Sponsored Programs Accounting may require additional documentation for any cost transfer where the aggregate cost being moved to a federal award is greater than $500. If the documentation is not sufficient to support the transfer Sponsored Programs Accounting will reverse the entry. | ||
*Under no circumstances may expenditures be placed on a sponsored account for reasons of convenience or funding availability with the intention that they will be moved at a later date. Costs may not be transferred to a project that is near completion in order to use up funds. | *Under no circumstances may expenditures be placed on a sponsored account for reasons of convenience or funding availability with the intention that they will be moved at a later date. Costs may not be transferred to a project that is near completion in order to use up funds. | ||