Transfers

Transfers of funds are subject to certain rules, as provided in this policy.

Definition

For purposes of this document, transfers are defined as the movement of funds from one ChartField string to another. This does not include transfers of expense/revenue items using correcting entries (CE), payroll correcting entries (PCE) or charges to units for service processed by internal service entries (ISE).

Types of Transfers

There are three types of transfers (with the corresponding PeopleSoft series of accounts):

Other Allocations/Transfers: (393xxx & 863xxx - 869xxx)

This set of accounts is used for allowable transfers within current fund ChartFields which include fund 0000, gifts, service operations, auxiliaries, endowment income, state appropriation, and grants & contracts.

Mandatory Transfers: (390xxx & 861xxx)

This set of accounts is used for transfers between ChartFields in the current fund group (See Other Allocations/Transfers for fund types included) and plant, endowment, and loan funds where an external party mandates that the transfer is made. Examples include transfers for debt service in connection with bond funding, transfers required by grant and contract agreements, and transfers agreed to by donors and the University in trust documents.

Non-Mandatory Transfers: (391xxx & 862xxx)

This set of accounts is used for transfers between ChartFields in the current fund group (See Other Allocations/Transfers for fund types included) and plant, endowment, and loan funds where the decision to make the transfer is made within the University. An example is a transfer from unrestricted funds to plant for a remodeling project.

Transfers Grid

In order to determine if transfers are allowable between certain funds and to determine the correct accounts to use please see the grid Transfers Between Funds (PDF).

Additional Guidance

• Transfers between certain funds should never be made and are indicated by NONE on the transfers grid.
• Transfers should not be made between gifts and other unrestricted funds including fund 0000, auxiliaries, and endowment income ChartFields. Gifts are considered to be restricted funds and are reported separately from the unrestricted funds in the external financial report.
• Transfers should not be made from service operations to other funds other than for equipment use. Service operations are required to break even over the long term, and the transactions should not include transfers that provide support for any other activity.
• Transfers to endowments and loan funds from unrestricted funds can be made with Provost Office approval. This is required because these transfers take unrestricted funds and permanently restrict them to be part of the corpus on the endowment and loan fund.
• Transfers involving grants and contracts should only be done by Office of Sponsored Programs Administration staff.
• Transfers involving agency funds and other University funds should not be processed. If transfers are needed between these funds they should be processed as a miscellaneous expense for the debit and miscellaneous revenue for the credit.