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Cost Transfer: Difference between revisions
→Basis of the Policy
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<big>'''Cost Transfer Policy'''</big> | <big>'''Cost Transfer Policy'''</big> | ||
== Basis of the Policy == | == Basis of the Policy == | ||
Acceptance of federal awards obligates the University of Nebraska Medical Center (UNMC) to comply with the federal government’s rules, regulations and guidelines applicable to sponsored programs. Federal cost principles per the | Acceptance of federal awards obligates the University of Nebraska Medical Center (UNMC) to comply with the federal government’s rules, regulations and guidelines applicable to sponsored programs. Federal cost principles per the OMB Circular A-21 “Cost Principles for Educational Institutions” require costs to be properly allocated to the program that received the benefits of the costs incurred. | ||
== Purpose of the Policy == | == Purpose of the Policy == | ||
This policy establishes requirements for processing transfers of direct costs to sponsored accounts. Federal regulations, generally accepted accounting principles, and good management practices require that all costs incurred be appropriate to and for the direct benefit of the project charged, and that accounting records be maintained on a timely and accurate basis. The federal government considers an excess number of cost transfers to be a sign of ineffective financial controls. | This policy establishes requirements for processing transfers of direct costs to sponsored accounts. Federal regulations, generally accepted accounting principles, and good management practices require that all costs incurred be appropriate to and for the direct benefit of the project charged, and that accounting records be maintained on a timely and accurate basis. The federal government considers an excess number of cost transfers to be a sign of ineffective financial controls. | ||