Pre 7/1/23 Expense Transfer Deadline (3/31/24)

Member for

1 year 2 months

Submitted by jnagle on Wed, 03/20/2024 - 10:51

Greetings Colleagues,

Consistent with University Policy GIM 15 – Accounting Adjustments on Sponsored Awards cost transfers into a sponsored program must be made within 90 days of when the error is discovered. Auditors review cost transfers as a way to determine if a department has adequate internal controls. Transfers that exceed 90 days are considered high risk and require additional documentation.

To remain compliant with University policy, Sponsored Programs Finance will be sunsetting the Pre-Workday Expense Transfers after 3/31/24 for all Sponsored Awards. This functionality has been available since October 2023 and was never intended to exist in perpetuity.

In instances when an unallowable cost originating prior to 7/1/23 is identified after the 3/31/2024 transfer deadline, Sponsored Programs Finance is working on establishing an exception process for these transfers. We’ll share more details once this is finalized.

Thank you,

Juan Lepez, Director

Grant & Contract Accounting