Transferring Money Between Different Cost Centers
How do you know when to process a budget transfer or a revenue/expense transfer in order to move money between two cost centers? Budget transfers are only done for GPR funds (102, 105, 114, 115, and 402). Revenue/expense transfers are done for all other fund types.
Budget Transfer Example
Let's say that Campus Life (Fund 102) is bringing a guest speaker on campus to talk about safety awareness, and the Campus Safety department (also Fund 102) would like to help fund part of this cost ($500) because it fits in with their campus mission. Campus Safety and Campus Life can submit a budget transfer form to the Budget Office that transfers $500 in budget authority from Campus Safety to Campus Life.
Revenue/Expense Transfer Example
If you need to transfer money from a PR cost center (Funds 128, 133, 136, 144, etc) to a GPR cost center (or vice versa), a budget transfer will not work. For example, let's say that when a department purchased something, they accidentally used the department's 102 Pro Card instead of the Pro Card for the lab fees. This means that the expenses were posted to the academic department, and the department needs to be reimbursed. In order to correct this, a transfer form should be filled out and submitted to the Business Office that will move the expenses out of the GPR cost center and into the PR cost center (the lab fee cost center). This has the same effect as giving the academic department money, because when expenses decrease, the amount available to spend in the budget line increases.