In general, the following principles apply to all funding types:

• All expenses must be reviewed to ensure eligibility, completeness (justification documents) and expenses being charged to the right account.
• Any outstanding expenses must be charged to the project account.
• The Award Summary Sheet needs to be reviewed to ensure all terms and conditions have been met (deliverables, reports, etc.).
• RMS contacts researchers when necessary.
• The account is closed by Financial Resources after it reviews the contents of the account and if there are any reporting requirements.

For more specific information on how to close a research account, contact your finance officer in your faculty. 

Firm price contract

At the end of the award, depending on the award conditions and if there is a remaining balance, the administrator must make a request to Financial Resources regarding research to transfer the balance to the professor’s general account.

When the project is completed, Financial Resources is responsible for:

• Verifying, in conjunction with the researcher and the faculty, all expenses charged on the account.
• Making sure that these project expenses are eligible.
• Verifying that the terms and conditions concerning the deliverables have been met.
• Making sure that the funding agency is satisfied.
• Ensuring that the total amount of the contract has been received by the University.

Once these verifications have been made and confirmed by all parties, Financial Resources can proceed with the necessary transactions.

RMS closes the account in eAwards.

If the researcher doesn’t have a general research account, then RMS asks the researcher for a generic title for their research and creates the account.

Unspent funds

Sponsors are conscious that projects ebb and flow and grant transactions do not always fall within the allotted funding period. For example, certain projects can start slower than others, therefore spending will be heavier in the later years of the project. Thus, certain sponsors (NSERC, SSHRC) can grant an instalment deferral to avoid accounts in large surplus.

The agency’s written response must be communicated to RMS, which in turn advises Financial Resources so that all corporate systems can be modified accordingly.

Accounts in deficit

Journal entries in accounts where funds are not available are automatically blocked by the financial system.

• However, it is possible, to approve a transaction. In order to do so, the responsible administrator must provide Financial Resources with justifiable arguments.
• Because the financial system does not block salary transactions, an account can go into deficit. If a salary commitment causes an account to go into deficit, the researcher cannot spend funds on other non-salary items.
• To avoid problems, it is essential to ensure funds are or will be available when hiring research assistants and to adhere to the proposed budget as much as possible.

Residual funds

If you have a firm price award, upon closure of a research account, residual funds are managed according to sponsor guidelines:

• CIHR – Residual funds are returned to the agency. Financial Resources communicates with the PI and faculty to ensure all expenses are passed in the account, confirming nothing remains to be paid. It will then complete final financial statement. Once approved, any remaining funds are returned to the agency.
• NSERC and SSHRC – Residual funds are kept by the University to fund internal programs. A researcher may request to keep residual funds; however, the request must be made in writing to RMS prior to account closure.
• Contracts – This depends on the agreement. See the Financial Resources research page.

Cost reimbursable contract

When the project is completed, Financial Resources is responsible, in collaboration with the professor and the faculty/department administrator, for:

• Verifying that the expenses are eligible for the project.
• Providing a financial report and/or invoice.
• Ensuring that payment is received.