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Cost Transfer: Difference between revisions
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Updated persons authorized to review and approve transfers or charges more than one year old due to title change and one of the positions being vacated.
(updated Financial Compliance and Cost Analysis to https) |
m (Updated persons authorized to review and approve transfers or charges more than one year old due to title change and one of the positions being vacated.) |
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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: ''' | Revised Date: '''04/28/23''' <br /> | ||
Reviewed Date: ''' | Reviewed Date: '''04/28/23''' <br /> | ||
<br /> | <br /> | ||
<big>'''Cost Transfer Policy'''</big> | <big>'''Cost Transfer Policy'''</big> | ||
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*The transfer must be supported by the [https://info.unmc.edu/management/finance/spaccounting/cost_transfer_explanation_and_justification.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 [https://info.unmc.edu/management/finance/spaccounting/cost_transfer_explanation_and_justification.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 and SAP document. | *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 without further review and approval by Business & Finance leadership ([mailto:skraftmann@unmc.edu | *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 ([mailto:skraftmann@unmc.edu Associate Vice Chancellor for Business and Finance]). | ||
*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. | ||
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==Additional Information== | ==Additional Information== | ||
*[mailto:mhrncirik@unmc.edu Senior Manager, Financial Compliance and Cost Analysis] | *[mailto:mhrncirik@unmc.edu Senior Manager, Financial Compliance and Cost Analysis] | ||
*[mailto:skraftmann@unmc.edu | *[mailto:skraftmann@unmc.edu Associate Vice Chancellor for Business and Finance] | ||
*[https://info.unmc.edu/management/finance/fincompliance/index.html Financial Compliance and Cost Analysis] | *[https://info.unmc.edu/management/finance/fincompliance/index.html Financial Compliance and Cost Analysis] | ||
*UNMC Policy No. 6100, [[Sponsored Programs Costing]] | *UNMC Policy No. 6100, [[Sponsored Programs Costing]] | ||