Cost transfers: Fiscal year-end dates and common reasons journals are returned
Fiscal year-end processes are already underway at CU 麻豆影院 and that means multiple deadlines for sponsored research cost transfers.
Below is a table with important dates to ensure that your PETs and journals are reviewed before each close period:
| PETs/Journals | Department First Approval Deadline | RFS Deadline to Approve | Notes |
|---|---|---|---|
| Require CCO Review for 1st Close (Period 12) |
6/28/2022 |
||
| CCO 1st Campus Close (Period 12) | 7/6/2022 | ||
| Require CCO Review for 2nd Close (Period 996) | 7/11/2022 | **Final Deadline for FY22 PETs | |
| CCO 2nd Campus Close (Period 996) | 7/13/2022 | ||
| Final Cutoff CCO Review 3rd Close (Period 997) | 7/18/2022 | **Journal Entries only | |
| CCO 3rd/Final Campus Close (Period 997) | 7/20/2022 |
Also, these are the top three reasons cost transfers are returned for sponsored research:
1. Lack of supporting documentation
Attaching an mFin report is a requirement. If a cost transfer is over 90 days, you must attach a signed PI statement. Also, attach additional documentation as necessary to provide clarity.
2. The award is overspent
If there is not enough available balance on the award to cover the cost transfer and any associated F&A then the journal will be denied unless supporting documentation indicates that additional funding is forthcoming.
3. Tuition remission
The journal header and attachments need to clearly show how the percentage of tuition remission being transferred corresponds to the amount of payroll (PET) transferred.
Questions?
Please direct any questions that you might have to Evan Blaisdell, Compliance and Financial Reporting Supervisor.