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We wanted to announce some new enhancements to the Payroll Expense Transfer (PET) system. Beginning today, you will see the following new features:

  • Cost Transfers Organized by Team: Cost Transfers will now be organized by EFM team. If there is a cost transfer made that needs to be approved by EFM, it will be assigned to your correct team for review.
  • Flagged Cost Transfers: Those transfers that are “re-transfers” to restricted accounts will now be identified with an asterisk.
  • Order of Required Questions: The order of those questions that must be answered for cost transfers escalated to EFM will now appear as follows:

1. Why is the transfer being made?

2. Why is the original in error?

3. Who approved the transfer?

4. How does the cost transfer benefit the new fund charged?

5. What are the steps being taken to prevent reoccurrence?

6. Explain delay in transfer – more than 120 days after original transaction date or 90 days after fund end date

Question 6 need only be answered for those cost transfers > 120 days after the original transaction date or 90 days after the fund end date.

Please contact your EFM team, should you have any questions regarding these changes.