Comments on Cost Transfers Policy due by March 7
The Cost Transfers Policy has been revised.
Policy 1, Cost Transfers went into effect Feb. 14, 2012. While this policy is not new, the policy statement and procedures have been revised for policy clarification.
Campus-wide comment period has been extended to March 7 for Policy 1, Cost Transfers. The extension is due to a typo in the original notice.
Policy Statement: A cost transfer is a reassignment of an expenditure from one funding source to another. This policy applies to cost transfers involving one or more sponsored funding sources.
It is the policy of the University of North Dakota (UND) to charge expenditures to the appropriate funding source when first incurred. There are circumstances in which it may be necessary to transfer expenditures to or from a sponsored funding source subsequent to the initial recording of the expenditure. Those transactions require monitoring for compliance with UND policy and sponsor regulations. Please note, the principal investigator (PI) has the responsibility to ensure the integrity of expenditures charged to a sponsored project.
Reason for Policy: A policy is necessary to comply with sponsor, institutional, state, and federal requirements for appropriate handling of expenditures. Expenditures are to be charged to the appropriate funding source(s) in a timely manner. If cost transfers are necesary, they are to be timely, well-documented, allowable, and have appropriate signatures. All incorrect charges to sponsored projects must be transferred regardless of the time frame.
Adherence to this procedure is necessary. An inappropriate or poorly documented cost transfer may result in Federal regulators denying reimbursement of these expenditures or imposing other sanctions on UND, such as fines or administrative restrictions, including imposing additional prior approvals.
• Updated required forms
• Removed Tip Sheet
• Added Frequently Asked Questions
To view the proposed policy, visit the Division of Research and Economic Development’s policy web site: UND.edu/research/resources/policy-updates.cfm.
Submit comments to Trinity Bohlman, Cost/Compliance Analyst: trinity.bohlman@UND.edu.