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GIM 15 - Transfers of Goods and Services Transactions

Transfers of Goods and Services Transactions

When transferring non-salary expenditures to or from a sponsored project budget number, the conditions which must be adhered to are as follows:

  1. Transfers are to be processed within 90 days of discovering the error. In addition, submit transfers promptly after the end of the financial reporting period to facilitate timely submission of financial reports by Grant and Contract Accounting (GCA).
  2. Revenue transfers and budget number changes for outstanding requisitions (encumbrances) are governed by separate policies and procedures.
  3. The following information must be included on all cost transfers:

Cost Transfer Minimum Threshold

'Low dollar' cost transfers place a strain on administrative systems. Therefore, the following change has been implemented to improve the efficiency and effectiveness of our cost transfer process for non-material dollar amounts.

Procedure:

  1. Non-Grant & Contract Budgets:

    It is not necessary to process cost transfers involving individual transaction amounts equal to or less than $10.00.

  2. Grant & Contract Budgets, including program income and restricted gifts:

    It is not necessary to process cost transfers involving individual transaction amounts equal to or less than $10.00. However, departments must monitor the volume of these transactions on an individual budget to ensure they do not become material in relation to the award amount.

This threshold policy does not relieve the department from the responsibility of clearing all over-expenditures in a timely manner on any budget regardless of the dollar amount.