Residual Funds

When a project is completed and funds remain in an award account—and the sponsor does not require the remaining balance to be returned—remaining funds can be transferred to a residual account and used to support the faculty research. This situation most commonly occurs with service or research-for-fee agreements in which the sponsor has agreed in writing to pay for work performed and funding is not based on expenditures (i.e., not cost-reimbursement). 

A residual account is typically established at the Principal Investigator (PI) level. However, the Office of Research & Sponsored Programs (ORSP), in consultation with the department and/or dean’s office, may determine that a department-level or dean-level account is more appropriate. 

Funds in residual accounts are setup using 119 fund class and 33800 fund source in the chart strings. These 119.33800 account balances carry forward to the next fiscal year and are to be used to support research. This includes, but is not limited to, purchasing supplies, paying students, salary support, travel, memberships, publication costs, subject incentives, etc.  Please note that TWU purchasing, travel, and payroll guidelines must always be followed when expending funds. Funds may be transferred between categories as needed.

ORSP will monitor residual accounts and maintain records of the account numbers using the investigator and department modules in the ORSP database.