Residual Balance Transfers
A sponsor may permit the institution to retain a balance of funds at the end of a sponsored program. The ability to do so is most often associated with clinical trials billed on a milestones/patients seen basis. Occasionally other sponsored research agreements will allow for the institution to retain funds if those terms are specifically mentioned in the agreement.
Residuals can always be identified as the excess cash received over expenditures on the fund. The method to transfer the funding differs on whether or not the revenue assignment to the fund was based on a cost reimbursement basis or event (milestone) basis. Clinical Trials set up prior to 07/01/15 were set up on a cost basis for determining revenue. After 07/01/15 they were set up for revenue to recognize as they were billed for milestones. With projects under cost basis revenue it is the excess cash that gets transferred and for grants with event based revenue, it is the excess revenue. It is recommended that the dept utilize the webi report Org Summary to identify expired funds with residual balances. The dept will retain the direct cost balance amount of the transfer and the portion representing the F&A balance will be retained by the School.
The Residual Balance Transfer form is used for all transfer requests.
All Residual Balance Transfer request forms must be forwarded and approved by the Office of Clinical Research - Finance and can be sent to psom-ocrfin@pobox.upenn.edu. Once approved, OCR-Finance forwards the forms to the ORS-Post award contact for the transfer to be completed.