Expenditure Processing and Cost Transfers
The Business and Financial Affairs Division is responsible for monitoring the financial activity on contracts and grants to ensure compliance with College policies and procedures and sponsor requirements. The Division accomplishes this by reviewing all check requisitions, purchase orders, payroll requisitions, expense transfers, and financial reports. The Grants Administrator will review all expenditures charged to sponsored projects to determine the allowable costs within sponsor guidelines, as well as to verify that sufficient funds are available and that the budget line is maintained within 25% of the proposed amount. If expenditures exceed the 25% threshold, a Budget Revision is required. However, it is the responsibility of the PI to ensure that purchases are allowable within grant guidelines.
Cost transfers are occasionally needed to correct errors in original charges. When requesting a cost transfer through the Grants Administrator, written documentation, signed by the PI, must be provided that includes the reason for the transfer, the account originally charged, as well as the purchase order or check requisition number. All cost transfers that take place more than 90 days after the original charge must be supported by written justification for the lateness of the transfer, as well as the documentation discussed above.