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Information for

Internal Adjustments to Restricted Fund Accounts

Purpose

Transfers will be done in order to satisfy external financial reporting requirements; however efforts should be made to charge expenses to the correct code at source to reduce the need for correcting entries to be done.

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Related links

Restricted Fund Non-Salary Expense Transfer Request (PDF)

Restricted Fund Salary Expense Transfer Request (PDF)

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General

Corrections will not be processed for individual items less than $100.  In general, corrections will not be made for prior period transactions.

Account statements/FORE reports must be monitored on a regular basis as transfer requests must be received by Finance within 4 months of the original transaction and prior to the university’s fiscal year-end journal entry deadline as posted on the Finance website under Important Dates.

Transfers will be done between restricted fund accounts and from restricted fund to operating fund accounts. Transfers from operating to research fund accounts will normally only be allowed when a research grant is back-dated and will include current fiscal year activity that occurred prior to the agreement being signed.

All transactions must meet the requirements of other University of Waterloo policies and procedures and must be authorized by an account signing authority.

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Procedure

Restricted fund expense transfer procedures

Non-salary

The department completes the Restricted Fund Non-Salary Expense Transfer Request form found in Finance Forms.

The form must be signed by an account signatory (the P.I. for fund 105 accounts).

The form and accompanying support is sent to the Faculty Financial Officer (FFO) or Faculty Executive Officer (FEO) for review and approval.

The FFO/FEO will work with Research Finance to ensure external agency compliance and eligibility and if the transaction has already been reported on, determine if any corrective action needs to be taken.

The FFO/FEO will save the correcting entry to the Budget and Client Services SharePoint site.

The form and all supporting documentation are sent to Budget and Client Services in Finance – ECH for processing.

Salary

The department completes the Restricted Fund Salary Expense Transfer Request form found in Finance Forms.

The form must be signed by an account signatory (the P.I. for fund 105 accounts).

The form and accompanying support is sent to the Faculty Financial Officer (FFO) or Faculty Executive Officer (FEO) for review and approval.

The FFO/FEO will work with Research Finance to ensure external agency compliance and eligibility and if the transaction has already been reported on, determine if any corrective action needs to be taken.

The form and all supporting documentation are sent to the Payroll Manager in Human Resources for processing.

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Finance

Date prepared: 01-Apr-11
Last updated: 28-Jan-14

The PDF version is also available: Internal Adjustments to Restricted Fund Accounts Procedure (PDF)