Dear Colleagues,

 

The following message is being distributed on behalf of Financial Reporting and Accounting Services.

 

 

To:                       Department Administrators and Principal Investigators

From:                  Lindsey Donovan, Associate Controller

Dawn Caffrey, Senior Cost Accountant

 

Subject:              Cost Transfer Operating Procedure Update

 

The University Operating Procedure (UOP) for Cost Transfers Involving Sponsored Agreements has been updated to include a new payroll exception.  Effective immediately, timely salary distribution and additional payment (eAPF) revisions no longer require questions 1 and 2 of the cost transfer form to be completed.  However, the initiator must include an additional departmental approver in the workflow when sponsored project chartstrings are being corrected.

 

Salary distributions and eAPFs are initially made based on estimated effort over an extended period of time. In accordance with UVM's Effort Management Policy, effort must be reviewed on a quarterly basis. Timely corrections to reflect actual effort made within 90 days of the original accounting date are no longer considered a cost transfer.

Untimely salary distributions and eAPFs will continue to require all four questions be completed on the cost transfer form and approval by the receiving Principal Investigator(s).

 

Please note that this exception does not apply to hourly wage transfers.  All hourly wage transfers will continue to require the completion of the cost transfer form since those payroll expenditures are charged after the effort has been applied to the University activities.  As a reminder, there is a new Payroll Cost Transfer Request Justification form that requires a signature in the section for the hourly wage effort certifier.

 

There are no changes in the Cost Transfer UOP related to non-payroll expenditure cost transfers.

 

Please contact [log in to unmask] with any questions related to this change.

 

University Financial Services

85 South Prospect Street, Burlington, VT 05405

Telephone (802)656-2903 • Fax (802)656-1967                                                                                                           

Equal Opportunity/Affirmative Action Employer

 



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