• Section 1 - Purpose
• Section 2 - Application and Scope
• Section 3 - Control of Accounts
• Section 4 - Expenditure from Residual Balance Project Accounts
• Section 5 - Expenditure Control
• Section 6 - Carry Forward of Residual Balances and Approved Residual Funds Project Accounts
• Section 7 - Roles and Responsibilities
• Section 8 - Definitions

Section 1 - Purpose

(1) The purpose of this Guideline is to:

1. provide direction on the expenditure of funds that are held within a Residual Balance Project Account;
2. specify the process by which requests to utilise funds from a Residual Balance Project Account will be managed.

(2) This Guideline supports the operation of the Commercial Activity Guidelines and the Consultancy and Commercial Research Activities Expenditure Guidelines.

Section 2 - Application and Scope

(3) This Guideline applies to Residual Balance Project and Approved Residual Funds Project Accounts in the University’s financial management system. 

(4) This Guideline specifies: 

1. the controls that should be exercised in managing these projects; and
2. the process by which funds can be approved for expenditure from these projects.

Section 3 - Control of Accounts

(5) Residual Balance and Approved Residual Funds Project Accounts are controlled by set procedures.

(6) Residual Balance and Approved Residual Funds Project Accounts must be approved by one (1) of the below Financial Services and Enterprise Data Division staff members in order to be opened within the financial management system:

1. Corporate Management Accountant; or
2. Senior Manager, Operations and Research Accounting; or
3. Research Accountant; or
4. Commercial Accountant.

(7) Residual Balance Project Accounts will be set up with the prefix ‘X’ to ensure easy identification of these projects from other projects staff members may hold.

(8) Staff members will not be permitted to charge expenditure directly against a Residual Balance Project Account.

Section 4 - Expenditure from Residual Balance Project Accounts

(9) Requests to access funds from a Residual Balance Project Account are controlled through the Residual Balance Expenditure Request Submission Process.

(10) Staff members can request an amount of funds be utilised for a specific purpose within the calendar year through the Residual Balance Expenditure Request Submission Process.

(11) This process will be facilitated by the Financial Services and Enterprise Data Division, on a quarterly basis, in consultation with the applicable faculty or organisational unit via an online form.

(12) Ad-hoc and/or additional Residual Balance Expenditure Request submissions will be accepted outside of the quarterly process by application in exceptional circumstances.

(13) Any submissions approved as a result of the above process will need to have the approved expenditure budgeted within the applicable faculty or organisational unit’s annual operating budget for the calendar year.

(14) Approved submissions will be allocated from an individual’s Residual Balance Project Account into an Approved Residual Funds project account that can be accessed by the staff member for the calendar year.

(15) All expenditure charged to an Approved Residual Funds Project Account must be consistent with the approved budget submitted as part of the Residual Balance Expenditure Request Submission Process (section 4, clause 10).

Section 5 - Expenditure Control

(16) All purchases and payments from an Approved Residual Funds project account must be consistent with all University policies, including but not limited to the Purchasing and Procurement Policy, Acceptable Expense Guidelines and Travel and Entertainment Policy.

(17) All transactions must be evidenced by tax invoices/receipts from suppliers of goods and services. 

(18) All expenditure must be approved in accordance with the Delegations of Authority Policy.

(19) No staff member can approve their own items of expenditure.

(20) No staff member is permitted to be paid additional salary, wages, bonuses or allowances or similar from an Approved Residual Funds project.

(21) Any equipment purchased from an Approved Residual Funds Project Account remains the property of the University. 

(22) Any funds placed into a Residual Balance Project Account must be utilised within a three (3) year period from the date the funds are deposited by Financial Services and Enterprise Data Division. 

Section 6 - Carry Forward of Residual Balances and Approved Residual Funds Project Accounts

(23) Any funds in a Residual Balance Project Account will be carried forward on an annual basis, subject to section 5.

(24) Funds placed into Approved Residual Funds Project Accounts will not be carried forward.

(25) In exceptional circumstances, a variation may be permitted on a case-by-case basis. This will be subject to approval by Financial Services and Enterprise Data Division and the relevant faculty or organisational unit. In the event a variation is approved, the amount deemed unable to be spent within the calendar year will be returned to the relevant residual balance project account.

(26) The balance to be carried forward for Residual Balance Project Accounts will be determined by reviewing the movement of funds within the project over the calendar year in accordance with section 5.

(27) If a staff member has resigned or is no longer employed by the University, any remaining balance held within a Residual Balance Project Account will be cleared and closed to a faculty or organisational unit operational project account. Any remaining balance is not permitted to be paid to the staff member directly or used by the staff member beyond their resignation date.

Section 7 - Roles and Responsibilities

(28) Financial Services and Enterprise Data Division is responsible for coordination of Residual Balance and Approved Residual Funds Project Accounts as set out in this Guideline.

Section 8 - Definitions