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Save Print OFFICE OF GRANTS & CONTRACTS ADMINISTRATION COST TRANSFER JUSTIFICATION FORM All cost transfers require adequate supporting documentation to identify amounts and original dates. 1. Why

How to fill out cost transfer explanation justification

How to fill out cost transfer explanation justification:

1. Begin by stating the purpose of the cost transfer. Explain why the transfer is necessary and provide any relevant background information.
2. Clearly identify the original source of the cost and the new destination. This should include specific account numbers and dates.
3. Detail the reason for the transfer. Is it due to an error or omission, a change in project scope, or an unforeseen circumstance? Explain the circumstances that led to the need for the transfer.
4. Provide a thorough explanation of how the transfer will benefit the organization. Explain how it aligns with the organization's goals or objectives and how it will improve financial efficiency or accuracy.
5. Include any supporting documentation or evidence that may be required. This could include invoices, receipts, or other financial records that substantiate the need for the transfer.
6. If there are any potential risks or negative impacts associated with the transfer, acknowledge them and propose mitigation strategies to address them.
7. Ensure that the justification is clear, concise, and easy to understand. Use plain language and avoid jargon or technical terms that may confuse the reader.

Who needs cost transfer explanation justification:

1. Finance department: They need the justification to assess the accuracy and validity of the cost transfer. It helps them ensure compliance with financial regulations and internal controls.
2. Auditors: In case of an audit, auditors may require a detailed explanation of cost transfers to evaluate the organization's financial practices and identify any potential risks or errors.
3. Project managers: If the cost transfer is related to a specific project, project managers need the justification to understand the impact on the project's budget and timelines. It helps them make informed decisions and communicate effectively with project stakeholders.
4. Funding agencies or sponsors: If the organization receives funding from external sources, such as grants or contracts, the funding agencies or sponsors may require a cost transfer explanation justification to ensure proper use of funds and compliance with funding guidelines.

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