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Cost Transfers

When completing a cost transfer, please address all of the following items:

  • Justification – provide a detailed explanation that justifies the need to transfer an expense that had been previously approved on another fund. Include in your justification why the charge was originally charged to the fund from which it is being transferred and how the expenditure benefits the new fund
  • Required Documentation – Provide SPS with supporting documentation
  • Timeliness – process all cost transfers within 90 days of the end of the calendar quarter in which the charge occurred or earlier if required as a result of a financial reporting deadline

The following list represents some acceptable reasons for cost transfers between funds:

  • To correct a clerical error on an original transaction (e.g. a transposition of fund numbers)
  • To transfer salary to align with actual effort devoted
  • To transfer expenditures to a new fund number representing a new budget period for the same award
  • To remove expenditures determined to be not allowable/allocable to this fund after review of fund financial statements
  • To move expenditure in part or in whole for items that were later used for purpose/project other than originally intended or determined to benefit more than one project

The following list represents some unacceptable reasons for cost transfers between funds:

  • To transfer costs to resolve a fund overdraft to another sponsored fund
  • To transfer costs to spend the balance of an award

Refer to UConn Health’s cost transfer policy for more information regarding cost transfers Cost Transfer Policy.