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Office of the Executive Vice President, Chief Financial Officer & Treasurer

Medical Faculty Associates Residual Fund Transfers

MFA Residual Fund Transfer Procedure

Effective July 1, 2020, this procedure provides requirements that are intended to facilitate the timely closeout and allocation of residual funds for MFA entity awards.

At the end of the trial there may be a residual balance remaining on the award(s). If so, balance transfer occurs after confirming all labor and other non-labor expenditures were accurately allocated to the award(s) in accordance with their approved budgets and as determined through the closeout and PI certification process with Grants and Contracts Accounting Services (GCAS).

In addition, all billable revenue must be received and confirmed with Research Support Team/School Research Administration, Dept/admin and/or the Office of Clinical Research (OCR)/SMHS Finance team. The timeline for closeout and PI certification process is governed by the Award Management and Closeout Policy.

For awards that transferred to GW Oversight effective July 1, 2020 and new awards with start date of July 1, 2020 and thereafter, residual balance will be transferred as follows:  40% to the PI, 10% to the PI home Department/Division or affiliated Center based on discussions with the Chair and 50% to SMHS leadership for investment in clinical/translational research such as pilot grants and GWOCR infrastructure support, e.g., equipment, software, personnel, services.

By completing the closeout and PI certification process, it is recognized that the Department is required to pay any additional costs applicable to the clinical trial that may arise after the transfer (such as cost associated with an FDA audit or document storage costs) out of Departmental funds.  The Department also recognizes that the residual funds, even if assigned to a particular investigator, will remain with the institution, GW or the MFA, and therefore may not be reassigned to another institution should that investigator resign.  The use of the residual funds will be limited to the Permitted Purposes defined below supporting the mission of the academic medical enterprise (MFA/GWU), and may not be used to directly and personally benefit any individual for private expenses (i.e. not related to Medical Faculty Associates, Inc. or GWU business or missions).

Use of MFA Residual Funds

Clinical Trials Residual balances must be used to support and enhance research related and scholarly activity of the department/Center/PI at the discretion of the Chair subject to oversight by School leadership and finance.  Examples include, attendance at scientific meeting/conferences, research related association or society dues and registration fees, publication costs, related research and/or unfunded research, or other scholarly or academic or clinical or basic science research activity of the PI’s Home Department and/or Division as applicable including the salary & benefits of the PI, or other clinical research staff/personnel.

The Chair is responsible for ensuring residual funds are budgeted and spent in accordance with the Use of Residual funds above and GW and MFA policies.  Residual funds not budgeted and approved during the budget process will not be available for use.