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Procedure on Research Residual Funds

Classification number ADM 1307.01
Parent policy Policy on Research Residual Funds
Framework category Administrative
Approving authority Chief Financial Officer
Policy owner Chief Financial Officer
Approval date February 26, 2016
Review date February 2019
Last updated Editorial Amendments, February 18, 2020

Purpose

The purpose of these Procedures is to ensure clarity and consistency in the management and use of Internally Restricted Residual Funds.

Definitions

For the purposes of these Procedures the following definitions apply:

“Deferred Contributions” means the unspent portion of a Sponsor’s contribution that is external restricted and is a liability to the institution.

“FReN” means an internal document summarizing the specifics of a grant such as, but not limited to, the name of the PI, start and end date of the grant, use of fund and reporting requirements.

“Fund Holder” means an individual responsible and accountable for the management and use of a research fund. 

“Internally Restricted Residual Fund” means   a residual fund with spending terms and conditions stipulated by the Residual Fund Governance Committee.

“Internally Restricted Net Assets” means the unspent contribution which is an asset to the institution and is internally restricted. 

 “Research Funds” means funds provided by a Sponsor, held in trust and administered by the University to pay for expenses incurred in support of research at the University, including:

  • Internal Research Funds; and
  • Funds awarded through external Sponsors.

 “Sponsor” means the provider of funds for research activities, including both external and internal sources.

Scope and authority

These Procedures apply to apply to external Research Funds where the funding agreement is unclear regarding the disposition of a surplus. 

The Residual Fund Governance Committee is responsible for overseeing the implementation, administration and interpretation of these Procedures.

Procedures

General

  1. Research Accounting will contact the Fund Holder to ensure all relevant expenses to the grant and contract have been charged appropriately and have been reported in accordance with the terms, conditions and end date stipulated in the grant or agreement.

  2. Research Accounting will close the fund within, but not more than 90 days after the expiry date of the grant or contract.  The guidelines and criteria established in the procedures will be used to determine if any remaining funds should be returned to the funding agency or considered as Internally Restricted Residual Funds.

  3. Upon determination that the remaining funds should not be returned to the sponsor, Research Accounting will notify the Fund Holder and the Residual Fund Governance Committee by communicating to Director of Office of Research Services of the residual balance and that the funds should be treated as Internally Restricted Residual Funds.

  4. The Research Residual fund will be reviewed by the Residual Fund Governance Committee to determine and approve how much of those funds will be transferred to the Fund Holder, and how much will be transferred to the General Internally Restricted Residual Fund.   The committee will convene as needed.

  5. Fund Holders will be required to present a written plan justifying the need and proposed use of the funds, a budget breakdown outlining the timeline and use of the residual funds.

  6. The Internally Restricted Residual Fund must be used by the Fund Holder to continue the current research program and/or assist the Fund holder in developing a new research project. The Residual Fund Governance Committee will establish restrictions to be placed on the use of Internally Restricted Residual Fund and approve the end date for the use of the funds.

  7. The Fund Holder, within 30 days after notification, should inform the Office of Research Services (Via an application form) of his/her proposal to use the fund balance for research purposes at the university.   In the event the Fund holder is unable to provide a plan within the specified time frame, the residual research balance will be transferred to the General Internally Restricted Residual Fund.

  8. Office of Research Services will notify Research Accounting of the Residual Fund Governance Committee decision.  When the decision is to create an Internally Restricted Fund for the Fund Holder’s use, Office of Research Services will provide relevant documents such as FReN, compliance requirements, the terms and conditions for the use of the residual fund and the end date.  When the decision is to transfer to the General Internally Restricted Residual Fund, Research Accounting will transfer the residual balance to the General Internally Restricted Residual Fund. 

  9. Any unspent balance in the Internally Restricted Residual Fund created for the Fund Holder, after the end date, will be transferred to the General Internally Restricted Residual Fund.

  10. If the Fund Holder leaves the University the unspent Internally Restricted Residual Fund remains with the University.

  11. The Research Residual Funds that are deemed to be internally restricted by the Residual Funds Governance Committee, will be changed from Deferred Contributions on the University’s financial statements to Internally Restricted Net Assets.

Monitoring and review

This Procedure will be reviewed as necessary and at least every three years.  The Chief Financial Officer, Finance Department, or successor thereof, is the Policy Lead and is responsible to monitor and review this Procedure.  

Relevant legislation

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Related policies, procedures & documents

Policy on Research Residual Funds

Policy on Conflict of Interest in Research

Policy on the Responsible Conduct of Research and Scholarship

Procedure on the Responsible Conduct of Research and Scholarship

Intellectual Property Policy

Procurement Policy

Procurement Procedures

Signing Authority Policy

Signing Authority and Approval Procedure

Expense Policy

Expense Procedures

Policy on Over-Expenditure of Research Funds

Policy on the Use of Internal Research Funds