Contact: Carlos Baez-Santos
Email: Carlos.Baez@ucf.edu
Phone: (407) 823-5151
Updated: April 10, 2014
Moving Money (Funds)
It is important to define two different methods of “moving money” and the university policies regarding them. The first method is a budget transfer. A budget transfer moves budget from one E&G department to another E&G department (we discuss the limitations later). The second method is an Off-Line Journal Entry (ID Transfer). This method moves expenditures which can “free up” budget.
|
OPS (24xx-00-74) | ||
| Budget: | $40,000 | Budget: | $10,000 |
| Expenditures | $10,000 | Expenditures | $15,000 |
| Balance | $30,000 | Balance | ($5,000) |
In the above example the OPS is negative so the department has determined that they need to move $5,000 from Operations to OPS to cover this deficit. (Note: that the instructions are from operations to OPS). After the budget transfer is processed the budget overview would have the following information:
| Operations (24-xx-00-01) | OPS (24xx-00-74) | ||
| Budget: | $35,000 | Budget: | $15,000 |
| Expenditures | $10,000 | Expenditures | $15,000 |
| Balance | $25,000 | Balance | $0.00 |
Note: The budget in Operations went from $40,000 to $35,000 and the budget in OPS went from $10,000 to $15,000.
Budget Transfer Limitations
As stated before budget transfers can only be requested for E&G departments (operations, OPS, etc.) with the following limitations: – can’t transfer funds from regional campus to main campus departments (university policy) – can’t transfer funds from startup departments to any other E&G department (COS policy) If funds need to be transferred that effect the above departments then an Off-Line Entry will have to be prepared to move expenditures.
To transfer funds from Operations, OPS & E&G Matches send an email request to carlos.baez@ucf.edu.
To transfer funds to Non-Salary Allocation on a recurring basis a request to change the “check” should be submitted to seresa.cruz@ucf.edu which will be reviewed by Dean Johnson. For non-recurring request (i.e. salary savings) the college will budget transfer the funds once the appropriate ePAF is authorized.
Processing Budget Transfer
The departments can’t process budget transfer forms. To request a transfer the non-salary planning will be need to be modified in the budget allocation document located in the college shared folder. (Access is granted by Chair/Director) Once complete, send an email to the appropriate individual listed above. You should include the department numbers, the amount and a brief description. Once the budget transfer has been processed you will receive a budget transfer notification from the college via email. You will also be given the budget transfer number which for COS will be AA COS 1101. This would be the first budget transfer for COS in fiscal year 2010-2011.
If you are receiving funds from an entity outside the College of Sciences you will still receive an email notification from the college but the budget transfer number will differ. For example, a budget transfer from Graduate Studies would be AA GRD 8001.