Table of Contents>Clinical Trial Residual Balance Closeout

POLICY STATEMENT
· RA-CLIN-001 (still pending)
Clinical Trials: Distribution of Residual Funding from Clinical Trials

REASON FOR PROCEDURE
· To close out restricted fund
· To allow department to spend unrestricted residual balance

WHO SHOULD KNOW THIS PROCEDURE
· Deans
· Center and Institute Directors
· Department Chairs
· School of Medicine Administration
· School of Medicine Faculty/Investigators
· Business Administrators
· Office of Research Support Services
· Penn Research Services

GENERAL INSTRUCTIONS
· Once the project has been completed, complete Attachment A, including the signature page and spreadsheet. ORSS reviews/approves the forms and forwards to Research Services. Research Services makes the transfer and then disables the fund.

· Research Services is able to make the transfer regardless of the status of the fund. If the fund is frozen, the transfer overrides the lock on the fund.

· The residual balances are transferred to the SOM Designated Fund (014001), in each department's ORG, using the PI's CREF.

· If the PI has left Penn, the residual balance or deficit will be transferred to the SOM designated account at the discretion of the chair, division chair or director.

· ORSS will provide a quarterly summary of funds that have been transferred and funds that were then disabled.

· The F&A rate for clinical trials is 23.60%. The School of Medicine will collect 20.1% for any residual balance.

· The cash balance of the fund can be determined by using the figure in the "Received from Sponsor" and subtracting the project to date expenditures.

· If you are closing out a clinical trial fund which has a deficit, you must go through the regular process for closing out a grant with your department designated research accountant.

PROCEDURES

· Once project has reached its end date, wait three months before submitting transfer request UNLESS it is very clear that no additional payments are to be received.
· If clear no additional payments are to be received and the study is finished the end date will be changed to reflect new end date.
· Verify residual cash balance (use example from 115 Report)
· If residual balance is greater than 50% of total award, further explanation from the Principal Investigator is required and must be included with request for transfer.
· Verify that there are no encumbrances
· Complete Attachment A
· Complete all three pages of Attachment A
· Verify that all department signatures (PI, Chair and BA) are present
· Run 115 report as backup documentation and verify the balance
· Submit to ORSS (270 Anatomy-Chemistry/6061)
· If transfer has not been made within two weeks, contact ORSS(orss@mail.med.upenn.edu)

CONTACTS
· Departmental Business Administrators
· Department Chair
· Office of Research Support Services
· Penn Research Services

FORMS AND ATTACHMENTS
· Attachment A: Memorandum
· Attachment A: Spreadsheet

MISCELLANEOUS

A very important reason to be sure ALL funds have been received prior to initiating this process is because once a clinical trial fund has been disabled, it must be re-enabled if additional payments are received. This is because the Institution must be able to document and create an audit trail for all funds received from a sponsor. The above procedure is required again in those instances.