What is it?
A Residual Fund Balance exists when a research project is completed and all the expenses are final. At this point, there may be residual funds remaining that will not be used for project related expenses.
Why is it important?
If the funding agency requires the balance to be returned, your Research Accounting Administrator will notify you. If the agreement is fixed rate and the balance can be retained by the University, the researcher/centre may request to have the residual balance consolidated to a general research fund.
Where do I find more information?
For further information, contact Research Accounting.