Guidance on Using SOFI Funds to Clear Deficits


Overview


Critical Concepts


Consider the Fund Type


When working to resolve a Financial Unit-Fund in deficit, first consult existing policies and procedures applicable to the type of Fund

Selected information and links to relevant resources are provided below: 

Gift Funds

Sponsored Funds/Contracts & Grants

Self-Supporting Funds

Other Considerations


Transaction Options to Clear Deficits


Expense Transfer (Most preferred, for transactions within the same fiscal year)

Transfer Salary (Direct Retro) or Non-Salary (Cost Transfers) Expenses between chart strings

Resource Transfer (If cost transfer is not available and/or balance is from prior fiscal year)

Transfer Financial Resources between chart strings by submitting a Journal with a 7xxxxx Transfer Account Code such as 774009-Fund Balance Transfer

Questions

If you still have questions or need additional assistance, please submit a ticket