Pro. 1 Requesting Residual Balance Transfer
Corresponds with: OSR Policy 700.4 Residual Fund Balance
Residual balances on a sponsored project may be transferred to an unrestricted department residual fund account to be used to further University academic, research and service missions.
REQUESTING A RESIDUAL TRANSFER
- TRANSACTION CREATION
Create a Campus Journal in ConnectCarolina
Finance Menu > UNC Campus > Campus Journals > Campus Journal Entry — Select “Office of Sponsored Research” for the Transaction Group and then select “RESIDUAL.”
- Journal entries should debit the residual amount from the project chartfield using account code 582110 and credit the same amount to an unrestricted department chartfield using account code 482110.
- The following journal attachments must be included:
- Award terms that do not require the University to return the residual balance.
- Email from OSR confirming the residual balance remaining on the project.
- Justification signed by the department head if the remaining balance exceeds 25% of the total project budget.
- If the journal has an error in budget checking, contact OSRHelp@unc.edu to request an override. Please include the journal ID, error message, and your contact information. Once the journal and budget check are valid, you may submit the journal into workflow approval process.
- OSR Pre-Audit Technician reviews the journal documentation for completeness.
- The transaction will be subject to rejection without all required documents
- OSR Pre-Audit then has an Assistant Director of Sponsored Projects Accounting review the journal to confirm allowability and the correct residual balance amount before submitting final system approval in the journal workflow.
10/17/2017 Policy revised so that indirect recovery is based on incurred expenses (exclusions apply), justification threshold increased to 25%, and policy now applies to all sponsored projects.
The policies in the Office of Sponsored Research Policies & Procedures Manual supersede any OSR policies, procedures and appendices previously included in the University Business Manual, a publication of UNC Chapel Hill’s Division of Finance.