Purpose:

This form is to be used to correct transactions posted to incorrect account numbers; to redistribute the cost of goods and services between several accounts; or to correctly post revenues deposited to the wrong account.

Please note that a RAC can only move funds from one expense object to another expense object, or from one revenue source to another revenue source. Corrections must be made no later than 90 days from occurrence.

Any corrections to expense transactions over 90 days must have an exception letter attached. RAC's must include the original transaction number(s) and transaction date(s) and must be supported by necessary documentation (i.e. a copy of the budget statement page with the transaction identified).

Routing and Approval:

If the RAC Total is LESS than $5,000 send directly to Accounting Services, or to ASRSP when grant accounts are involved. If the RAC Total is EQUAL to or GREATER than $5,000 send to FSM-Finance & Budget.