Cross-fund transfer policy

In collaboration with FinMAC, central created a cross-fund transfer matrix to provide guidance and approval standards for cross-fund resource transfers.  Central's message is below, including a link to two documents, one matrix tailored to the needs of JE preparers and one tailored to approvers.  

The matrix contains a lot of information, but it is not difficult to use.  Across the top, go to the fund you are transferring From, then on the left find the fund you are transferring To, and find the box where they intersect for guidance.

Central provides some flexibility to colleges regarding required approvals.  In every box that the matrix says "May require CFM [Chief Financial Manager] or designee approval," CFM approval is required in CSE, and that approval should be uploaded as documentation to support the transaction.  This only applies to resource transfers, not expense transfers.  Also, note the general guidance below that discourages such transactions.  DJP

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Controller's Office

A cross fund transfers matrix has been developed to formalize best practices and provide guidance to journal preparers and approvers. Generally:  It is best to avoid inter-fund transfers on current funds as they make fund-specific management reporting very difficult.  When there is a need to transfer, please check the grid for more information and specific guidelines.  Check with your RRC Contact on their cross fund transfer policy, as they may have more strict guidelines than what is shown on the grid. The matrix was developed by a committee comprised of FinMAC members, Accounting Services, and the Budget Office. The final product, as recommended by FinMAC and approved by the General Ledger business process owners, is available on the Controller's Office website (finsys.umn.edu)  under Policy & Processes > Business Processes > General Ledger (Accounting) > When may I make a cross Fund transfer? Or follow this direct link to the cross fund transfers matrix: http://finsys.umn.edu/general-ledger/2016-CrossFundTransfersMatrix.pdf Note that there is a section of the document for preparers and a section for approvers.