Re: How Do You Handle Residual Funds? Janice Argue 11 Aug 2000 08:16 EST
I figured I had better get rid of some e-mails and noticed I never responded to your question. Once the sponsor requirements are met and all costs associated with the delivery of those requirements have been charged, then I close the account out to the PI's research account in fund 23. The entire balance or the residuals are at the discretion of the PI. >>> xxxxxx@CMH.EDU 07/11/00 02:44PM >>> When funds remain after all bills are paid for industry-sponsored projects, half the funds go to an account used to support the research of the investigator(s). The other half goes to an unrestricted account in the investigator's home section/department which is most often used to support additional research. The investigator is free to support any research s/he desires as long as it is within the mission of the hospital and meets all other requirements. We consider all industry-sponsored contracts fixed-price contracts, unless the terms and conditions state otherwise, and that any residual is not connected to the original project. We close out the project account upon tranfer of any residual funds. Bill Caskey, PhD Director, Research & Grants Administration Children's Mercy Hospital 2401 Gillham Road Kansas City, MO 64108 Voice:(816) 234-3879 FAX:(816) 855-1982 E-mail: xxxxxx@cmh.edu <mailto:xxxxxx@cmh.edu> This communication is intended only for the use of the addressee. It may contain information which is privileged or confidential under applicable law. If you are not the intended recipient or the agent of the recipient, you are hereby notified that any dissemination, copy or disclosure of this communication is strictly prohibited. If you have received this communication in error, please immediately notify The Children's Mercy Hospital at 816-234-3879 or via return Internet electronic mail at xxxxxx@cmh.edu <mailto:xxxxxx@cmh.edu> and expunge this communication without making any copies. Thank you for your cooperation. -----Original Message----- From: Doug Wilkerson [mailto:xxxxxx@MCO.EDU] Sent: Monday, July 10, 2000 2:46 PM To: xxxxxx@HRINET.ORG Subject: How Do You Handle Residual Funds? I would be interested in knowing how those of you involved in the management of industry-sponsored clinical trials handle any funds remaining AFTER all of the work is completed, i.e., after the company has accepted all deliverables required in the contract, and all of the bills are paid. Do you leave the residual funds in the same account that was established to support the work of the clinical trial, or move them to another account? Do you place restrictions on the use of the residual funds? At the end of the trial, do you consider any residual funds to be completely dissociated from the original contract and thus available for expenditure for any research-related activity, assuming that no contract clauses survive the contract which might obviate this option? What if your investigator wanted to utilize residual funds to finance a collaborative research agreement with another entity for basic research, would you be comfortable with it? Doug Wilkerson, Ph.D. Phone: (419) 383-4252 Assoc. V.P. For Research Fax: (419) 383-4252 Professor of Pharmacology E-mail: xxxxxx@mco.edu Research & Grants Admin. Web: www.mco.edu/research Block Health Sci. Bldg., Rm. 148 3035 Arlington Ave. Toledo, OH 43614-5804 ====================================================================== Instructions on how to use the RESADM-L Mailing List, including subscription information and a web-searchable archive, are available via our web site at http://www.hrinet.org (click on "Listserv Lists") ====================================================================== ====================================================================== Instructions on how to use the RESADM-L Mailing List, including subscription information and a web-searchable archive, are available via our web site at http://www.hrinet.org (click on "Listserv Lists") ====================================================================== ====================================================================== Instructions on how to use the RESADM-L Mailing List, including subscription information and a web-searchable archive, are available via our web site at http://www.hrinet.org (click on "Listserv Lists") ======================================================================