• 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 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 Commercial Research Activities Expenditure Guidelines.

Section 2 - Application and Scope

(3) This Guideline applies to Residual Balance Project and Residual Funds Project Accounts in the University’s financial management system. All Staff Consulting Project Accounts will be managed in the same way as Residual Funds Projects Accounts under this Guideline.

(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 Residual Funds Project Accounts are controlled by set procedures.

(6) Residual Balance and Residual Funds Project Accounts must be approved by one (1) of the below Financial Services 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 without approvals.

Section 4 - Expenditure from Residual Balance Project Accounts

(9) A Residual Funds Project Account will be established on the completion of reconciliation of the Residual Balance Project Account.

(10) Requests for expenditure from a Residual Funds Project Account are managed in accordance with section 4 of the Commercial Research Activities Expenditure Guidelines and in accordance with the Delegations of Authority Policy and established procedures. This ensures probity of expenditure and that sufficient funds are available to cover the expenditure required.

Section 5 - Expenditure Control

(11) All purchases and payments from a 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.

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

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

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

(15) Any equipment purchased from a Residual Funds Project Account remains the property of the University. 

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

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

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

(18) In exceptional circumstances, a variation to the three (3) year period stipulated in clause 16 may be permitted on a case-by-case basis. This will be subject to approval by Financial Services Division and the Executive Dean/Executive Director of the relevant faculty or organisational unit. 

(19) If a staff member has resigned or is no longer employed by the University, any remaining balance held within a Residual Balance or Residual Funds 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

(20) The Financial Services Division is responsible for coordination of Residual Balance and Residual Funds Project Accounts as set out in this Guideline.

Section 8 - Definitions