(This communication was sent by Garth Perry, Vice President of Finance and Chief Budget Officer)
I am writing to inform you of important changes in our process for managing allocated funds, including summer tuition and Facilities & Administrative (F&A) cost recovery funds. These changes, effectively immediately, ensure that local funds remain independent of allocated funds. Please carefully review these updates:
Transfer Restrictions
- Transfers of funds between allocated sub-funds SSINST and SSCOLD or IDCADM and IDCDPT are no longer permitted.
- Allocations between colleges/divisions and individual organizations must be maintained within the same allocated sub-fund.
Account Management
- Units may create additional departmental accounts within the allocated sub-funds as needed.
- Transfers between allocated accounts must be processed in the RBC system.
Fund Swaps
- The Office of Budget and Planning (OBP) will facilitate fund transfers from non-allocated accounts into allocated accounts on an exception basis.
- Transfers from allocated to non-allocated accounts will not be permitted.
Oversight
- Beginning Monday, Sept. 16, 2024, any transfers that cross these sub-funds will be disapproved by Accounting Services.
- OBP will monitor for unauthorized transfers, reverse them, and contact the responsible parties if such transfers are processed.
- Financial Services is working with UAIR to update the Allowable Transfers Dashboard to reflect these changes.
If you have any questions or need clarification on these new procedures, please get in touch with your OBP Analyst.