Research Management and Compliance announces that the Cost Transfer (CT) requirements and documentation expectations have been updated. As a result, the following items have been added, updated, or clarified:
- Many corrections can now be processed using only an eJournal (instead of a CT). The same documentation is still required, but you won’t need to do the CT Form.
- An “Expense Correction Flowchart” that specifically identifies which transactions do and do not need to be submitted via a CT (see link below).
- Specific items that must be addressed in the CT explanation.
- The documentation that must be submitted with a CT Form.
- Specific Forms that must be completed and submitted with a CT.
The Cost Transfer changes that have been implemented will help:
- Standardize, streamline, and simplify CT preparation
- Reduce the CT review and approval time at the department level
- Minimize the level of GCA and other administrative effort to review, approve, and finalize the CT entry.
Click here for the updated CT instructions and read the expectations when preparing and submitting a Cost Transfer (you will want to bookmark this page if you prepare cost transfers; all forms and documents can be found on this page). The easiest method to learn and understand the updated CT requirements is to follow the CT instructions while preparing a CTCT’s that have been or are currently in the process of being prepared (following the old instructions) will still be accepted. Any new CT’s should begin immediately to follow the updated CT instructions.
Please ASK US if you have any questions.