The recognition of the expending of resources of any fund group toward the objectives of that group.
Amounts moved between fund groups to be used for the objectives of the recipient fund group.
- Mandatory transfers - debt service, loan funds, etc.
- Nonmandatory transfers - at the discretion of the governing board
When to Use What Form
Taking some of your spending authorization and giving it to someone else. Result- you have less to spend and the recipient has more. Also, within your own budget, moving funds available dollars between line items to allow for spending that is different from your original plan.
When to use a Budget Adjustment form:
- Reallocating spending authorization within your own budget.
- Sharing of an expense between other departments for an event that has NOT YET OCCURED.
Note: This will NOT show up as an expense in the current year, it will only reduce the original dollars you are allowed (budgeted) to spend. If this is a material amount that will prohibit you from properly planning for your budget next year, use the Internal Transfer of Funds Request form.
Internal Transfer of Funds Request
Similar to a Budget Adjustment, the Internal Transfer of Funds is taking some of your spending authorization and giving it to someone else. However, this will allow you to transfer in between funds and it will show up as an expense in your current year activity.
When to use an Internal Transfer of Funds Request form:
- Transferring budget dollars in between funds. Example: Transferring dollars from the operating fund (11) to the Restricted Fund (22).
- Giving a gift/donation to another INTERNAL Loyola Department.
- Purchasing tickets for an INTERNAL event from another Loyola department.
When an expenditure paid to a 3rd party (not Loyola) has been posted to a wrong account, an Expenditure Transfer removes that expenditure from the incorrect account and places it in the correct one.
When to use an Expenditure Transfer form:
- To move incorrectly posted/coded expense from one GL to another.
- To allocate 3rd party expense ALREADY incurred to other departments. Example: Printing Charge Backs.
When revenue receive from a 3rd party (not Loyola) has been posted to a wrong account, a Revenue Transfer removes the income from the incorrect account and places it in the correct one.
When to use a Revenue Transfer form:
- To move incorrectly posted/coded income from one GL to another.
- To allocate 3rd party income ALREADY received to other departments.
All forms can be found in the forms section.