Cost Transfer Procedures
Approval Process for Cost Transfers
Any expense that is being transferred to a sponsored 5-ledger index/fund, more than 90 days after the end of the month in which the charge first occurred, requires pre-approval by G&C before the transfer can be keyed in Banner. All requests should be submitted via the Cost Transfer Request Form. Please note, that if your request is approved, this form contains an automation component that will key the JV or PHARED for you in Banner Finance.
Users of the form will receive two emails from ctransferprod@vcu.edu, one confirming submission of the request, and one notifying you of approval or denial of the request. Moreover, an email of approval will also contain an attachment detailing what was keyed in Banner.
Please note that cost transfers falling under the below categories do not require pre-approval from G&C. These are:
- A transfer from a sponsored project to a non-sponsored funding source; or
- Total expenses being transferred are less than $500; or
- A transfer of expenses under the same sponsored project, from one budget period to the next; or
- Retroactive adjustment of labor to align with actual effort based on clinical trial participant enrollment.
Backup Documentation
Principal investigators and department administrators are expected to have additional backup documentation speaking to the allocability, allowability, and reasonability of all expenditures on sponsored awards, this includes cost transfers. Should the need arise to substantiate the transferred expenses, whether from an external or internal source, it is the responsibility of the department to provide such documentation.
Helpful Resources