Sponsored project costs must be reviewed and corrected promptly to meet university and sponsor expectations. This includes both salary adjustments and non-salary cost transfers, along with Late Cost Transfer (LCT) documentation when required.
Why this matters: Charging expenses correctly the first time helps avoid compliance risks, delays in reporting, and disallowed costs. Transfers must occur within the allowable timeframe and be well-documented.
What You Need to Know
- Monthly reconciliation of Income & Expense Statements with the PI is required.
- Transfers must be submitted within 90 days of the original transaction date.
- Make sure the description is complete with a full explanation of why adjustments are needed.
- Use PeopleSoft Financials for non-salary journals and PeopleSoft HCM for salary adjustments.
Processing Timeline
- Transfers submitted by the 20th of the month will be reviewed by PASC in time for that month’s financial close.
- Transfers submitted after the 20th may not be reviewed before month-end. If delayed:
- You will receive an email by the 10th of the following month with either a request for additional information or an explanation of any issues with the journal.
- Unapproved journals will need to be copied into the current month to be eligible for review.
- PASC may approve, deny, or request clarification on any submitted adjustment.
- Any journals not addressed in 90 days will be deleted.
- Please make sure you are confirming the approval/posting of your submitted journals as part of your monthly reconciliation process.
Late Cost Transfer Calendar
Use the table below to determine which months can be adjusted without submitting an LCT form.
|
Current Processing Month |
Adjustable Months Without LCT |
|---|---|
|
January |
December |
|
February |
December, January |
|
March |
December, January, February |
|
April |
January, February, March |
|
May |
February, March, April |
|
June |
May |
|
July |
June |
|
August |
June, July |
|
September |
June, July, August |
|
October |
July, August, September |
|
November |
August, September, October |
|
December |
September, October, November |
Helpful Tips
- Monitor your adjustments monthly to confirm they post in a timely manner.
- If an entry is missing from your statement, follow up with your Grants Administrator.
- Remember, inactivated speedtypes cannot accept new journal entries, including cost-share.
- See Non-Salary journal examples
- See Salary adjustment examples
For more information, please view the full Salary Adjustments and Cost Transfer Policy.