Contract Fund Transfer (GM40.2)

A grant or non-grant funding source may fund more than one project. Use Contract Fund Transfer (GM40.2) to transfer funding from one contract to another.

By entering the transfer via GM40.2, user will keep an audit log of funding for the grant or non-grant fund. Transfers entered via GM40.2 will record the date, time, reason, transfer amount, transfer to contract, individual responsible for entering the transfer, and the individual responsible for approving the transfer. Once the transfer is approved, funding budgets are kept in sync (that is, GM40.2 will update the funding amounts on GM20).

Contract Fund Transfers must be approved before changes are reflected on the Contract and Grant. The Approve Function will also create the required journal entries in GL and AC.

There are several programs available in GL to verify the GL journal entries created via the Approve Function. Use Journal Analysis (GL41.1) or Journal Control (GL41.1) to view journal entries. Use the Journal Number in the Approve Complete message at the bottom of the form to determine the the correct control group and GL journal entries.

Defining Grant Deliverable Codes (GM02.1)

To Transfer contract funds

  1. Access Contract Fund Transfer (GM40.2).
  2. Complete the header information. Use the following guidelines to enter field values:
    From Contract

    Select where funds are being transferred from.

    From Grant/Fund

    Select where grant funds are being transferred from.

    Adjustment Number

    Type the user defined adjustment number. this is an identification number for the adjustment.

    Adjustment Description

    Type an adjustment description. Use the description field and reason codes to type or select the reason for the adjustment. If more text is required use the comments attachment feature to document the reason for the fund adjustment.

    Reason Code

    Select the reason for the transfer

    Transfer Amount

    Type the amount of the transfer.

  3. Complete the line items. Use the following guidelines to enter field values:
    FC

    Select the action you want to perform on this line

    To Contract

    Select the contract funds are being transferred to.

    Previous Amount

    Displays the previous fund amount.

    To Amount

    Type the adjusted fund amount.

    New Amount

    Displays the new fund amount

  4. Click Add.
  5. Click Approve to update transfer amounts to contracts.