Guidelines for Reviewing Transfers of Funds
- Faculty salaries are to be expended on instructional activities and are budgeted for instructional personnel. Transfers from instructional funds (i.e. faculty allocations, teaching assistant allocations, and faculty salary reserves) to non-instructional funds, such as M&O, are not allowed. Funds may be transferred between and within budget groups within the funding source (i.e. various accounts within faculty salaries). Although transfers of instructional funds to non-instructional funds are not allowed during the year, the available funds remaining in instructional funds at year-end are returned as Dean's Excellence funds in the next fiscal year. The Dean's Excellence funds may be used for any purpose.
- There should be sufficient funds available in the appropriate account to process a transfer of funds.
- Control Account Transfers (Transfers between 14 and 20 fund groups)
- The unallocated control accounts are 14-9851-9098 and 20-9851-9098. Transfers between 14 and 20 accounts are automatically processed through these control accounts in the FRMS Transfer System. Transfers through control accounts will route to the Budget office for final approval.
- University-wide Information Technology funds (19-97xx-xxxx accounts) are collected to enhance the academic information technology activities of the colleges and schools. An annual report is submitted to the Information Technology Advisory Committee (ITAC) reflecting how the fee income has been expended. Therefore, these funds may not be transferred to other sources of funding; i.e., funds may not be transferred to Instructional Technology accounts, or any other fee accounts. Funds may be transferred between and within budget groups within the source of funding.
- College-wide Instructional Technology funds, course related fees, and non-course related fee income must be expended for the purpose stated in the fee request and subsequent approval. Therefore, transfers between fees are not permitted. Funds may be transferred between and within budget groups within the source of funding.
- Budgeted non-E&G accounts are automatically established in the accounting system based on departmental income estimates and budgeted expenditures. Budget adjustments that are needed between budget categories during the year are to be made by a transfer of funds between the appropriate expense accounts. Transfers from the income account of a budget group are only allowed if (a) there is income exceeding the original estimated budgeted income and the department is requesting an increase to the budget, or (b) the budget group had a balance forward from prior year income. The justification on the transfer document must clearly state the purpose of the transfer.
- Transfers of income to expenditure accounts of non-budgeted non-E&G budget groups are permitted so long as the transfer amount is within the expected income for the fiscal year.
- As a general rule, non-E&G funds are collected for a specific purpose, and are to be expended accordingly. Thus, transfers between fund groups, as well as between fee types, are not permitted. There are occasionally exceptions. The Office of Accounting and the Office of the Executive Vice President and Provost will review these exceptions on a case by case basis.
- Indirect cost funds are indexed to the amount of overhead earned by a college or school. The amount of overhead can increase or decrease from year to year affecting the funding allocation made to the colleges and schools. Adjustments may be made to the allocations during the annual operating budget preparation. Therefore, indirect cost funds are not transferable except between and within budget groups within the funding source. ICR accounts are identified on the CA3 screen in *DEFINE by a report code, either "ICR or ICR RSV".
- There should be sufficient funds available in the appropriate budget group to process a transfer of funds.