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Systemwide accounting procedures

Accounting Integrated Statewide Record System procedures

Transfers

Transfers are amounts moved between fund groups to be used for the objectives of the recipient fund group. There are two types of transfers, mandatory and non-mandatory, which are described below. The system has added a third type of transfer identified as inter-MnSCU transfers.

Note: Transfers cannot cross fiscal years.

Mandatory Transfers

Mandatory transfers are transfers that arise from binding legal agreements related to the financing of educational plant, such as amounts for debt retirement, interest and required provisions for renewals and replacements of plant not financed from other sources and (2) grant agreements with agencies of the federal government, donors and other organizations to match gifts as and grants to loan and other funds.

An examples of a mandatory transfer is the match requirement of Perkins Loans Program. Another example is the HEAPR match requirement in law for technical college parking lot repair and replacement.

Nonmandatory Transfers

Nonmandatory transfers are interfund transfers made at the discretion of the governing board or college to serve a variety of objectives, such as additions to loan funds, general or specific plant additions or voluntary renewal and replacements.

Examples include using enterprise funds to remodel the student center or fund student loans.

Nonmandatory transfer codes are also used for the transfer of fund balance from one general ledger to another even if it is within the same fund is also considered a non-mandatory transfer.

Inter-MnSCU Transfers

Inter-MnSCU Transfers are fund transfers from one MnSCU institution to another MnSCU institution for the purpose of joint projects that are managed at one of the institutions. Another use of inter-MnSCU transfers occur when the system office receives funding for a grant or project of which a portion of the funds are expended at one of the colleges or universities institution. In order to not overstate revenues and expenditures in the Minnesota Accounting and Procurement System (MAPS) special object codes have been established for inter-MnSCU transfers (9806 and 7106) that interface to the same revenue code in MAPS (8349). Inter-MnSCU Transfer codes can be used only if:

• Funds are being transferred in and out of the same appropriation
• Inter-MnSCU Transfer codes are being used for both the transfer in and the transfer out of funds between campuses. (Campuses and/or the system office must communicate the use of these codes to each other).

Systemwide, inter-MnSCU transfers in must equal inter-MnSCU transfers out.

If you have questions or comments please email us (accounting@so.mnscu.edu) or refer to the staff directory link at the top of this page for additional contact information.