Coming soon: Enhancements to the cost transfer process and information sessions

    January 10, 2024

    Summary

    • Effective Wednesday, Jan. 24, 2024, there will be changes to the Cost Transfer policy and procedures.
    • Do not submit any new Cost Transfers past Friday, Jan. 19, 2024, until Wednesday, Jan. 24.
    • Ensure all in progress cost transfers are reviewed and fully approved or canceled before Tuesday, Jan. 23.
    • Register for an upcoming information session in Feb. 2024 to learn more.
    • Please share this information with anyone in your departments who initiates cost transfers associated with grants.

    Details

    As part of a continuous improvement effort, SPFA and FSS have collaborated to simplify and standardize the cost transfer process and review. Cost transfers have been flagged as a compliance risk due to the complexity of the policy/procedure, system inconsistencies, and the bypassing of required documentation requirements and Central Level/Sponsored Project Financial Administration (SPFA) approval. To address these issues, the upcoming update to the cost transfer process on Jan. 24 will:

    • Simplify and clarify the cost transfer process.
    • Update the 1305 Cost Transfer Policy Involving Sponsored Projects.
    • Update Procedure 1305 PR.02 Cost Transfers Involving Sponsored Projects.
    • Update Form 1305 FR.15 Manual Journal - Cost Transfer Justification.
    • Introduce updated reason codes and questionnaire, and new tools such as a Late Cost Transfer Calculator, Documentation Matrix, and Reason Code Usage matrix.
    • Update related Workday business processes for Payroll Accounting Adjustments, Accounting Adjustments, and Accounting Journals.
    • Consolidate the review process to the SPFA compliance team.
    • Protect sponsored funding by providing a systematic approach to ensuring compliance and decrease audit findings on sponsored award cost transfers.

    Community Engagement

    Engaging the community in helping to build future solutions is vital to the mission of the OneFinance strategic initiative. The Cost Transfer project team worked closely with Research Administration staff across Yale to incorporate their input and feedback into this enhancement. The Cost Transfer team thanks these individuals who devoted their time to providing input, guidance, and invaluable feedback in enhancing this policy and related procedures and forms. 

    Benefits

    In alignment with our OneFinance North Star, these enhancements will make life easier for the community by:

    • Simplifying and Standardizing: Clarifying the existing 1305 Cost Transfer Policy and procedures will help users understand why and when cost transfers are done and how they are identified.
    • Strengthening Internal Controls: Reducing confusion in the process makes complying with federal rules and regulations easier. Specific change reason/reason codes will be required for transactions to eliminate the ability to bypass controls, and there will be revisions to the questionnaire. This will build the foundation for transparency and better reporting with meaningful data.
    • Enhancing the partnership between the Department Business Offices (DBO) and SPFA: Consolidating the review and approval process within the SPFA will help identify Cost Transfers earlier in the process. The SPFA use of “Send Back” rather than “Deny” will reduce rework and save time by eliminating the need to recreate the cost transfer. SPFA will work in collaboration with the departments to tell the story better.

    Information Sessions

    We invite anyone involved in the cost transfer process to attend the Research Administrator Session or one of four Cost Transfer Information Sessions offered in February 2024. This is an excellent opportunity to enhance your knowledge of key cost transfer policy and procedure changes. The sessions will:

    • Provide an overview of the project.
    • Highlight enhancements:
      • Cost transfer definition refinement
      • New and revised help text
      • New tools: Late Calculator, Documentation Matrix, and Reason Usage Matrix
      • New value list for Change Reasons/Reason Codes
      • Revised questions in the Questionnaire and Branching Logic
      • Documentation and approval changes to Reclassification and Modification of Estimated Effort
    • Review reference tools, usage scenarios, and other support materials
    • Demo the questionnaire
    • Answer your questions about the updates

    Register now for one of the following information sessions:

    We are here to support you in navigating these changes to ensure a smooth transition. We look forward to seeing you at one of the sessions, but feel free to attend as many as you like. Come with your questions ready for discussion and clarification.

    Questions?