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Policy & Procedure updates - April 20, 2022
April 20, 2022
The following updated policy documents are now published and effective. Please discuss the documents with the appropriate people in your department and send any questions to controllers.office@yale.edu.
Policy 1305 Cost Transfers Involving Sponsored Projects
Related documents:
- Policy 1305 Cost Transfers Involving Sponsored Projects – Revised
- Procedure 1305 PR.02 Cost Transfers Involving Sponsored Projects – Revised
These updates come from Sponsored Projects Financial Administration (SPFA). Most of the revisions are limited, non-substantive, and are intended to align the documents with organizational changes and current processes (e.g., replacing OSP with SPFA, where appropriate). The biggest change pertains to the language surrounding the timing of Cost Transfers. The summary of revisions, by document, is as follows:
Policy 1305 Cost Transfers Involving Sponsored Projects
- Update OSP name to reflect SPFA’s role;
- Modify references to guide documents that have been transitioned to website content; and
- Revise the language and timeframe for Cost Transfers. Specifically, that language now reads: Cost Transfers must be prepared and submitted within 90 days from the fifth day of the calendar month, after the date the original transaction appears on the award.
- For example: The original transaction posts to the general ledger on April 4. The calculation of 90 days starts from May 5 (the fifth day of the calendar month that follows the date of the transaction). The Cost Transfer must be prepared and submitted to SPFA by August 3.
Procedure 1305 PR.02 Cost Transfers Involving Sponsored Projects
- Update OSP name to reflect SPFA’s role;
- Modify references to guide documents that have been transitioned to website content;
- Clarify a review/approval process because a position was replaced;
- Revise the language and timeframe for Cost Transfers; and
- Add a reminder regarding University Service Provider (USP) charges and journal sources (including for correcting a billing error).
Reminder:
Always check the Policies & Procedures website for the latest revisions of all documents. This will ensure you that are utilizing the most up-to-date version.
If you have any questions, please contact Policy & Compliance Services at controllers.office@yale.edu.