Contract and Grants: Cost Transfer Approval

Contract and Grants: Cost Transfer Approval

Contract and Grants: Cost Transfer Approval BILL GAIR CHELSEA WILSON [email protected] [email protected] Key Principles IT DEPENDS Risk is determined by a combination of factors We must treat cost transfers consistently, but each request is unique OUR GOAL IS TO DOCUMENT, NOT DISALLOW Fewer than 5% of cost transfers are denied Often due to deadlines, encouraged to resubmit with stronger documentation It is considerably more work for all involved when a cost transfer is denied

Levels of Review Low Risk Medium Risk High Risk Timely Timely Originally charged to nonsponsored funds Originally charged to an unrelated sponsored award Non-Payroll: >90 days (federal) Simple explanation for delay

Both awards are ongoing with healthy balances Payroll: certified effort Late award Default chartfield New appointment Clerical error Similar titles Didnt go according to plan Fiscal year rollover

Not timely Originally charged to an unrelated sponsored award One or both awards are ending, being spent down, or have a negative balance Adequate Documentation It depends. Low Risk Cost Transfer Form Must be signed by Project Manager for non-payroll cost transfers Cross-college or prior-year retros may require additional signatures per the college Medium Risk

Documentation that Project Manager is aware and approves the specifics PM email requesting change PM signed PDRR Confirmation upon request High Risk Faculty narrative Attests to the specifics of the cost transfer request Journals: PM explains why the mistake was not rectified within 90 days Retros: Certifying faculty

explains why he or she certified when the allocation was incorrect Carefully evaluated on a caseby-case basis Method of Allocation Where did the numbers come from? Acceptable About 40% of the test tubes were used for Project A Approx 2 hrs/week in April is 5.86% when using pay period begin/end dates Specific allocation based on separate work locations, logged clinic hours, number of samples analyzed, etc. Individual spent 30% of her time on the project, but there is only enough budget to support 22.25%, so the remaining 7.75% is allocated to overhead Not Acceptable

Project was overspent by $469.29, and that amount is a reasonable portion of this equipment to allocate to an unrelated project Effort was 10% for fall and spring, but fall effort was certified without this allocation, so 20% salary must be charged in spring Upon reconciliation, PM decided 12.964% payroll increase (which spends down project to $0.07) is reasonable When will my retro post? It depends (but not on us!) Day 1 Day 2 - 5 http:// training.hr.ufl.edu/instructionguide s/commitment_accounting/ca_retro _flowchart-lifecycle-timeline.pdf Day 3 - 8

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