Cost Transfer process enhancements are live - join an information session

Summary

• Register for an upcoming Information Session in February to learn more. Note: Wednesday, Feb. 28 information session has been rescheduled for Thurs. Feb. 29.
• Effective Wednesday, Jan. 24, 2024, the Policy 1305 Cost Transfer and related procedures and processes have been updated.
• Effort Certification reviewers will encounter updated change reason codes within the effort certification business process. 
• When making changes to an Effort Certification Statement, the selection of change reason will now include the enhanced list. As part of the continued business process, the PAA (Payroll Accounting Adjustments) resulting from changes to effort will include the change reason selected within the certification.
• Share this information with anyone in your departments who initiates Cost Transfers (manual journals, ISP Adjustments, payroll accounting adjustments, and accounting adjustments) involving grants in both FD02 and FD28.

Details

As part of a continuous improvement effort, SPFA and FSS have collaborated to simplify, clarify, 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 Cost Transfer Process was updated on January 24 to:

• Update Policy 1305 Cost Transfers Involving Sponsored Projects.
• Update Procedure 1305 PR.02 Cost Transfers Involving Sponsored Projects.
• Update Form 1305 FR.02 Manual Journal – Cost Transfer Justification (formerly FR.15).
• Introduce new tools:
  • Form 1305 FR.01 Late Cost Transfer Calculator
  • Form 1305 FR.03 Cost Transfer Documentation Matrix
  • Form 1305 FR.04 Cost Transfer Change Reason and Code Usage
  • New and revised help text.
  • Newly revised questions in the Questionnaire and branching logic.
• 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 decreasing audit findings on sponsored award cost transfers.

Information Sessions

We invite anyone involved in the Cost Transfer process to attend one of the two remaining Cost Transfer information sessions being offered in Feb. 2024. This is an excellent opportunity to enhance your knowledge of key Cost Transfer policy and procedure changes. Note: Wednesday, Feb. 28 Information Session has been rescheduled for Thursday, Feb. 29.

Register now for one of the following information sessions:

• Thurs. Feb. 22, 2024, via Zoom, 10 – 11 a.m. ET
• Thurs. Feb. 29, 2024, via Zoom, 11 a.m. – noon ET

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?

• General questions about the information sessions, contact sharmell.williams@yale.edu.
• For cost transfer process/procedure questions, contact the SPFA Intake Portal.
• For technical questions related to Workday functionality, contact the Finance Support Center (FSC) at askfinance@yale.edu.