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Cost Transfer: Difference between revisions
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* The costs being transferred to a federally sponsored award must be allowable to that award per UNMC Policy No. 6100, Direct Costs. | * The costs being transferred to a federally sponsored award must be allowable to that award per [[Direct Cost|UNMC Policy No. 6100, Direct Costs]]. | ||
* 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 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, SAP document, etc. | * 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, SAP document, etc. | ||
* 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. | ||
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* If a cost transfer affects two departments, both departments must approve the cost transfer. | * If a cost transfer affects two departments, both departments must approve the cost transfer. | ||
* Costs transfers that have been justified, documented and accepted as appropriate will not be allowed to be moved again. | * Costs transfers that have been justified, documented and accepted as appropriate will not be allowed to be moved again. | ||
* Retroactive payroll transfers can affect a previously certified effort report. Therefore, UNMC requires recertification of effort under specific circumstances as explained in UNMC Policy No. 6105, Effort Certification and the related procedure. | * Retroactive payroll transfers can affect a previously certified effort report. Therefore, UNMC requires recertification of effort under specific circumstances as explained in [[Effort Certification|UNMC Policy No. 6105, Effort Certification]] and the related procedure. | ||
Any questions about this policy should be referred to Financial Compliance and Cost Analysis. | Any questions about this policy should be referred to [http://info.unmc.edu/dept/fincompliance Financial Compliance and Cost Analysis]. | ||
Cost Transfer Procedure / Office of Management and Budget Circular A-21 / Cost Transfer Explanation and Justification | [[Cost Transfer|Cost Transfer Procedure]] / [http://www.whitehouse.gov/omb/circulars/index.html Office of Management and Budget Circular A-21] / [http://info.unmc.edu/media/spaccounting/cost_transfer_expl__justifica.doc Cost Transfer Explanation and Justification] | ||
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This policy updates UNMC Policy #6101 issued on 10/27/02. | This policy updates UNMC Policy #6101 issued on 10/27/02. | ||
This page updated on Monday, July 13, 2009, by dkp. | This page updated on Monday, July 13, 2009, by [http://mailto:dpanowic@unmcnotes.unmc.edu dkp]. | ||
Last Review by Policy Owner: Tuesday, June 16, 2009. | Last Review by Policy Owner: Tuesday, June 16, 2009. | ||