A project account should not be closed in PVARF prematurely. When the project is completed and all expenditures have been made including for publication costs, the member should inform PVARF to close the account. Generally, this occurs at the same time as the project is removed from the R&D list of approved projects.For grants that require final reports to the sponsor, the project will not be closed until the final report has been submitted and accepted by the grantor.
Most granting agencies will require the return of all unencumbered or unexpended funds. However, requests for no-cost extensions are usually allowed if the appropriate scientific rationale is provided. This allows an extension of the grant period and continued use of the project funds.
Sponsors may require requests for no-cost extensions to be received prior to the end of the expiration date of the project. Due dates may vary depending on the sponsor.
If residual funds remain after completion of the project, all expenses have been paid, and there is no requirement by the sponsor to return unexpended funds, these monies may be transferred to a general purpose research account. The funds may be used for general research or education expenditures within Board-approved policies
Investigators are responsible for ensuring that expenditure commitments do not exceed the available funds in their account. For research or education programs with employees, account funds will be obligated to cover anticipated payroll expenses for the next two months. These obligated funds will not be made available for other expenditures. If the total account balance falls to $2000 or less, the investigator will be contacted immediately to make arrangements to add funds to the account or to make other arrangements for the payment of employees. For all accounts, any Check Requests or Purchase Orders that are submitted for payment from an account that does not have sufficient funds to cover the requested payment will be returned to the principal investigator without payment.