Transfer of Funds

Owner	Administration and Finance
Contact	[email protected]
Document Type	Policy
Issue Date	January 2005
Last Review	January 2025
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Contents

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1. Scope
2. Policy
3. Contacts

To ensure adherence to Generally Accepted Accounting Principles (GAAP); to create consistent accounting treatment across the University; to ensure the financial results of the University are not missed or overstated due to internal transfers of funds for the University.

A. Scope

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This policy applies to all departments within the organization. The policy explains how transfers of funds between departments and/or funds are to be handled. This policy does not cover reclassifications of revenue or expenses.

B. Policy

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A transfer of funds is defined as moving the budget or funds available from one fund or department to another. Instances when a transfer is necessary is when splitting the cost of an invoice or the cost of an event. One department can transfer funds to the second department equal to the share they agreed to pay. This can happen between operating and non-operating funds, as well.

For example, Org x wants to help Org y cover the cost of a professional development event. Org x would submit the transfer request form with account code 8200 (transfer-out). Org y would receive the funds into account code 8100 (transfer-in).

If a budget transfer occurs between two general fund FOAP’s (XXB and XXB), it’s a one-time transfer for the current fiscal year.

C. Contacts

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For more information, please contact the following departments:

• Finance or Budget Offices