Cost Transfers are necessary to ensure expenses are charged to the appropriate sponsored project or department. Cost transfers must be justified, documented, and completed in a timely manner to support the allowability and allocability of such costs.
It is the policy of New York University that all cost transfers must be processed in compliance with Federal and other sponsor requirements. All cost transfers must be appropriately justified, documented and completed in a timely manner to support its allowability. Principal Investigators (PIs) are responsible for ensuring all cost transfers are executed in compliance with this policy.
Based on the Principal Investigator's (PI's) direction and approval, a retroactive cost transfer is justified in the following circumstances:
Cost transfers between sponsored activities are not allowed in the following circumstances:
All payroll and Other than Personnel Services OTPS (non-payroll) cost transfers related to sponsored awards should be submitted within 90 days of the original date the transaction was posted in the University’s general ledger. If a cost transfer is over 90 days, additional reasons for the transfer must be provided; these include why the cost transfer is late and actions that will be taken to eliminate future late cost transfers. Cost transfers over 90 days are seldom approved.
All cost transfers must include a detailed explanation and justification (i.e., rationale for allocation among projects) for the transfer. For example, an explanation that merely states that the transfer was made to “correct an error” is not sufficient.
Payroll: The PI or designee must submit the PeopleSync action (retroactive adjustment) to their school/departmental Human Resource Officer (HRO) for approval. PeopleSync approvals are defined at the school/departmental level. Learn more about Fund 24/25 Payroll Cost Transfers, Retroactive Cost Allocations, and the PeopleSync Payroll Adjustment Process.
Other Than Personnel Services (OTPS): OTPS transfers must be submitted through the Journal Entry Management System (JEMS) with an appropriate explanation. The department must maintain documentation, which shows that the PI approved cost transfers between closely related projects.
All transfers requested within 90 days of the original transaction date must be submitted by either the PI or designee, e.g., Departmental Administrator (DA).
All transfers requested over 90 days from the original transaction date must be approved by the School’s Fiscal Officer or designee