Transfer of Funds Process Change

A change is coming in how a Transfer of Funds document can be used to move funds between accounts.  Currently, a TF can be used to move funds in the following ways:

  1. One to one – funds are being moved from one account to another
  2. One to many – funds are being moved from a single account into multiple accounts
  3. Many to one – Funds are being moved from many accounts into one account

One additional option, many to many, is used to move funds from multiple accounts to multiple accounts.   It is difficult to track or report on where funds are moving because each TO/FROM line does not coincide directly with another and there is no corresponding reference number.  Therefore, effective July 1, 2013, the many to many option will no longer be allowed on any TF document.  Transactions which are submitted in this way will be disapproved beginning on July 1, 2013.

NOTE:  Each of the above options 1-3 above must now be done on a separate document.  For example, if you have 5 one to one transactions, you must complete 5 Transfer of Funds documents.

We realize this may create more work for departments with multiple accounts.  However, we believe that the ability to create reports that can more quickly and specifically identify transfers of funds for your accounts throughout the year will greatly outweigh the initial inconvenience of creating multiple TF documents.  We appreciate your understanding and acceptance of this change.

Between now and July 1st, while these transfers can be completed using the many to many option, departments are cautioned not to use this option.  A large number of transfers are completed during the year end period and it will be very difficult for departments to trace exactly where funds have been moved.  Central Administration units do not have a simple way to create this information and departments will have to identify these on their own.

Reference materials and help screens are in the process of being rewritten for this change.  If you have any questions concerning this, please contact the Budget Office at 621-1634.