Revised Cost Transfer Policy

To: Chairmen, Vice Deans, Departmental Administrators, Dean's Office, FGP, and Financial Analysts

From: Anthony Marsicano, Senior Director Sponsored Programs Financial Services

Date: 6/3/2005

Re: Revised Cost Transfer Policy #3.3

With compliance becoming increasingly critical in our day to day grant management, we have been taking a hard look at what we do, how we do it, and tried to identify where improvements can be made. As result, we are pleased to attach the revised "Cost Transfer on Sponsored Projects" policy #3.3. The policy has been enhanced to reinforce federal guidelines, with deviation from policy implications and potential restrictions, with emphasis on the fact that they must be processed within 90 days of the charge hitting the general ledger. Other key points are as follows:

*Transfers to another grant must be allowable and allocable
*Transfers should not be made purely for funding reasons, i.e. transferring costs to a grant to absorb a balance
*Explanations/justifications must be clear and complete
*Transfers greater than 90 days must include strong explanation, justifying the lateness
*Deviation from the policy may result in loss of Stapleslink or P-Card privileges, and/or limited cost transfer approvals

Kindly review the policy carefully, as in our joint role to follow federally dictated rules, and to lessen regulatory related risk to Principal Investigators and the institution, we plan to monitor this transfer activity more closely. We are also working with the IT group to provide you with a cost transfer tool which will serve to enable us to streamline the overall cost transfer process.

In addition to the attached, this revised policy will be posted to the finance web-site. As always, should you have any questions, concerns, comments or suggestions, please don't hesitate calling me at extension 36671.

Cc: K. Gallagher
J. Geraghty

Cost Transfer Policy