To have a project and fund closed, the Principal Investigator must ensure any deliverables and reports have been provided to the sponsor and that all eligible charges have been made to the fund. 

The Principal Investigator must notify Research Services when the Fund has been brought to a zero balance (either, as per the agreement, through return of residual funds to the sponsor or transfer to the Principal Investigator’s Continuous Research Fund (CRF) and the fund closed which is done in consultation with the Principal Investigator’s College Financial Officer(s) and Financial Reporting. 

Closing of Research Funds

The closing of a research Fund typically occurs when the project has been completed; the research Fund is at a zero balance; the term of the agreement (end date) has past; and/or the agreement is terminated.  Research Services will work with the Principal Investigator to ensure that all the terms and conditions of the agreement have been met, determine if there are any remaining obligations, and undertake any procedures required for termination.

The Principal Investigator, in consultation with their Financial Officer and Financial Reporting, will ensure that all financial transactions associated with the project are appropriately recorded prior to the closing of the Fund. Upon completion of the project, any remaining financial balance will be treated as per the terms and conditions of the agreement and the research Fund will be closed. Should the Sponsor allow for the residual funds to remain with the University, the resulting funds will be transferred to a CRF on approval of Research Services.

Continuous Research Funds

The primary purpose of a Continuous Research Fund (CRF) is to consolidate residual funds that are intended to be used for research. Upon termination of the period of a research agreement, any remaining balance will be treated as per the terms and conditions of the agreement and the project Fund will be closed. Should there be no requirement for return of the funds to the Sponsoring Agency, the funds will remain with the University and be made available to the Fund Manager to be used for research purposes. The residual funds will be transferred to a Continuous Research Fund. Research conducted from a Continuous Research Fund must be in accordance with Financial Services Division Guidelines.

To establish a Continuous Research Fund, the Principal Investigator is required to submit a completed Request for Continuous Research Fund Form to Research Services, identifying the sources of funds. A Principal Investigator will hold only one Continuous Research Fund.