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This document provides a form and guidelines for cost transfers within Brown University's Office of Sponsored Projects, outlining the required justifications for transferring costs between accounts.

How to fill out cost transfer explanation and

How to fill out Cost Transfer Explanation and Justification Form

1. Obtain a copy of the Cost Transfer Explanation and Justification Form from your department's administrative office.
2. Fill in your name, department, and contact information at the top of the form.
3. Provide the original cost object (account number) and the new cost object to which the funds will be transferred.
4. Clearly state the reason for the cost transfer in the justification section, ensuring it aligns with institutional policies.
5. Include all relevant supporting documentation, such as invoices or receipts, that justify the transfer.
6. Ensure all signatures required for approval are obtained before submitting the form.
7. Submit the completed form to the appropriate financial office for processing.

Who needs Cost Transfer Explanation and Justification Form?

1. Researchers who need to reallocate funds between accounts for project costs.
2. Administrative staff managing departmental budgets.
3. Anyone responsible for financial transactions related to sponsored project funding.

People Also Ask about

How does the organization ensure that all cost transfers are legitimate and appropriate?

The transfers must be supported by documentation that fully explains how the error occurred and a certification of the correctness of the new charge by a responsible organizational official of the recipient, consortium participant, or contractor.

How do you write a cost justification?

In preparing a cost justification you should remember to only promise what you can deliver and only show savings for the amount you need. As well, consider ease of implementation, cash requirements, use of existing resources, and probability of success.

What is an example of a cost transfer?

A researcher initially charges $1,000 of laboratory supplies to a sponsored research project. Later, it's determined that $200 of those supplies were used on another non-sponsored project. To correct this, a cost transfer would be initiated to move $200 of the expense total to a non-sponsored project.

What is a cost transfer Harvard OSP?

A cost transfer is a reassignment or transfer of an expense that was previously recorded elsewhere in the general ledger. Cost transfers receive additional scrutiny when the expense is being transferred onto a federal award since these transfers must comply with OMB Uniform Guidance.

What is a cost transfer?

A Cost Transfer/Correction (COR) Journal is used to move incorrectly posted transaction(s) from one chartstring to another. A COR Journal is the primary method of managing a negative chartstring balance, as it is used to reclass expenses which caused the deficit to another chartstring.

What is a cost transfer journal entry?

Cost Transfers are the reassignment of an expense to or from a Sponsored Projects Financial Administration (“SPFA”)-Managed Sponsored Award after the initial charging of the expense in the University's accounting system. Cost Transfers include reassignments of salary, wages, and other direct costs.

For pdfFiller’s FAQs

What is Cost Transfer Explanation and Justification Form?

The Cost Transfer Explanation and Justification Form is a document used to explain and provide justification for transferring costs between accounts or projects within an organization.

Who is required to file Cost Transfer Explanation and Justification Form?

Individuals involved in financial transactions that require cost transfers, typically including project managers, finance personnel, and any staff responsible for managing budgets, are required to file this form.

How to fill out Cost Transfer Explanation and Justification Form?

To fill out the form, include essential details such as the reason for the transfer, the accounts involved, dates, relevant documentation, and signatures from necessary parties to verify the justification.

What is the purpose of Cost Transfer Explanation and Justification Form?

The purpose of the form is to provide transparency and accountability for cost transfers, ensuring that all financial transactions are justified and documented properly.

What information must be reported on Cost Transfer Explanation and Justification Form?

The form should report the date of transfer, accounts involved, amount being transferred, explanation for the transfer, any supporting documentation, and signatures of approvers to validate the justification.