Cost Transfer

Description

According to University of Illinois policy, charges apply to appropriate sponsored project when first incurred. It may be necessary to initiate a cost transfer to reallocate or redistribute expenditures to a sponsored project subsequent to the initial recording of the charge. A cost transfer is a reallocation or redistribution of a previously charged expenditure transferred from one university fund to another fund after the charge has posted in Banner. Prompt initiation of cost transfers for sponsored projects, along with supporting documentation justifying the transfer, is necessary. Find more information relating to policy and procedures at the link below.

OBFS Section 16—Cost Transfers

Essentials

Current vs. Non-Current Cost Transfers

Non-Current Cost Transfers	Current Cost Transfers
Processed more than 90 calendar days after the original transaction date in Banner. Non-current transfers require additional documentation.	Initiated during the accounting period in which the charges were originally recorded in Banner or within 90 calendar days of the original transaction date in Banner.

Non-Personnel vs. Personnel Expenses

Non-Personnel Expenses	Personnel Expenses
Use Banner Journal Voucher (JV) Form FGAJIVCD, FGAJVCM, or FGAJVCQ. Job Aid: Creating a Journal Voucher Using FGAJVCD or FGAJVCQ Include the following information in the text screen (FOATEXT): Explanation, including the reason for initial posting to incorrect C-FOAP, and benefit of the cost being transferred to the project Original date of the service or transaction Original transaction document number Preparer’s name and phone number If the cost transfer is non-current, complete and submit Form GC81. Note: This form may not be compatible with browsers and should be downloaded.	Use Banner Labor Redistributions Form (PZAREDS). Job Aid: Performing Labor Redistributions (PZAREDS) Document and retain the following information in your unit to support the effort charged to the project: Explanation, including the reason for initial posting to incorrect C-FOAP, and benefit of the cost being transferred to the project Date when the effort was provided Individual’s name and UIN Pay period code Contact info for individual requesting transfer If the labor redistribution is non-current, complete and retain Form GC81 in your unit. Note: This form may not be compatible with browsers and should be downloaded.

Non-Personnel Expenses

Personnel Expenses

Use Banner Journal Voucher (JV) Form FGAJIVCD, FGAJVCM, or FGAJVCQ.

Job Aid: Creating a Journal Voucher Using FGAJVCD or FGAJVCQ

Include the following information in the text screen (FOATEXT):

Explanation, including the reason for initial posting to incorrect C-FOAP, and benefit of the cost being transferred to the project
Original date of the service or transaction
Original transaction document number
Preparer’s name and phone number

If the cost transfer is non-current, complete and submit Form GC81. Note: This form may not be compatible with browsers and should be downloaded.

Use Banner Labor Redistributions Form (PZAREDS).

Job Aid: Performing Labor Redistributions (PZAREDS)

Document and retain the following information in your unit to support the effort charged to the project:

Explanation, including the reason for initial posting to incorrect C-FOAP, and benefit of the cost being transferred to the project
Date when the effort was provided
Individual’s name and UIN
Pay period code
Contact info for individual requesting transfer

If the labor redistribution is non-current, complete and retain Form GC81 in your unit. Note: This form may not be compatible with browsers and should be downloaded.

Description

Essentials

Current vs. Non-Current Cost Transfers

Non-Personnel vs. Personnel Expenses

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