The following principles apply for project closure for all fixed price funding types whether grant or contract:

• It is the responsibility of the Principal Investigator (PI) and Faculty Administrator to ensure verifications/validations are done before the deadline for account closure. This includes:
  • Reviewing if there is a balance and/or deficit remaining in the account
  • Reviewing all expenses for eligibility, completeness (justification documents), with any outstanding eligible expenses charged by the faculty to the project account.
  • The PI and Faculty Administrator also ensures/verifies that all terms and conditions have been met per the RE Live Data Form and sponsor requirements as per the agreement/contract (e.g. deliverables, progress or final reports).
• Approximately one month before the project closure deadline, Financial Resources will undertake:
  • A verification of receipt of the full revenue for the grant or contract,
  • Review of all expenses charged to the account
  • Review of reporting requirements
  • Verify that all terms and conditions have been met.
• Financial Resources will follow-up with the PI and Faculty Administrator if modifications or adjustments need to be made.
• When Financial Resources is satisfied that all terms and conditions have been met, they will close the account in the financial corporate system. This will ensure that no expenses can be charged to the account and that no further monthly financial reports can be generated for this account.
• Research Management Services (RMS) is generally not involved in the process of project closure which is managed between the faculty and central Financial Resources.

In cases where the project has come to an early termination, the PI advises both their Faculty Administration and their RMS Grants Officer of the need to close out the project earlier than the original end date with inclusion of justification. PI, Faculty Administration, RMS and Financial Resources lead the early termination process to ensure all external and internal requirements (including revisions and termination of agreements) are met.

Upon closure of a research account if there is a remaining balance, these residual funds are managed according to sponsor guidelines:

• CIHR – Residual funds are returned to the agency.
• NSERC and SSHRC – Residual funds are kept by the University to fund internal programs. Exception:  The New Frontiers in Research Fund program (SSHRC), requires residual funds be returned to agency.
• Contracts – Per agreement terms

If the award or contract conditions permit the PI to keep the residual funds, the Faculty Administrator must make a request to Financial Resources to transfer the balance to the PI’s general account. Should the PI not have a general research account one may be opened by the Faculty Research Advisor sending a request to the RMS Grants Officer along with a signed RE Form.

When the project is completed, Financial Resources in collaboration with the PI and the Faculty Administrator, are responsible for:

• Verifying the expenses are eligible for the project.
• Providing a financial report and/or invoice.
• A verification of receipt of the full revenue for the grant or contract