Cost Centre Defined
A 6-digit numeric code used to identify an area of responsibility and to capture financial transactions. Areas may include a department, unit, organization, project, grant, course, or program. The establishment of a cost centre allows the responsible area to account for transactions, including the establishment of budgets, managing the effective spending of funds, providing oversight to those accountable for the stewardship of funds, as well as all other accountabilities associated with maintaining a cost centre.
Cost Centre Set-up Process
When a new cost centre is needed the request is initiated by the individual who has financial oversight of the department, unit, organization, project, grant, course, or program. Listed below is a listing of the Finance areas responsible for the cost centre set-up and the proper request method used for the various Funds.