[expand title=”What is a budget transfer and how do I request one?“] Agencies generally require that the PI spends the funds of a project in the manner that they were originally budgeted. However, some changes may be necessary and can be made if the PI and the Department Admin work with ORC. Budget transfers move budget from one project category to another. To request a budget transfer, the PI should contact their departmental administrator with the following information:
- The amount to be transferred
- The category from which the funds need to be moved
- The category into which the funds should be moved
- A detailed justification of why the transfer is necessary and the specific purpose for the transfer.
- Be sure that Barbara Cancel (Barbara.Cancel@ucf.edu) and COS Research (COSResearch@ucf.edu) are CC’d in the email.
[expand title=”Special Concerns about moving budget“]
Changes in indirect charges should always be considered before the transfer is made. The transfer may be moving funds from a non-indirect earning category to an indirect earning category or vice versa.
Ex. A PI requests $1000 to be moved from a project’s Equipment (non-indirect) category to a project’s Expense (indirect) category. The budget transfer would be completed as follows:
- $1000 is the total transferred from the Equipment category
- $305 will be taken for indirect charges because the transfer is moving money from a category that has not been charged an indirect rate into one that is charged an indirect rate
- $659 is the amount that will be added to the Expense category
[expand title= “Notification of budget transfer approval and completion“]
The contract manager in ORC will review the transfer request to ensure that all transfers fall within applicable guidelines. If approved, the contract manager will inform the PI and process the transfer.
Budget level of the project and associated restrictions should also be taken into account. If agency approval is required for the transfer, the contract manager will contact the PI and determine if agency contact is desired. If the PI approves of the agency being contacted, the contract manager will submit the budget transfer request to the agency for approval.
- If the agency approves of the transfer, the transfer will be processed.
- If the agency denies the transfer, the transfer will not be processed.
- In either case, the PI will be notified.