Trust Account Setup and Funding Notifications

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Procedures for Research Trust Accounts and Funding Notification

Before funds awarded may be deposited and expended, the Office of Research requires that protocols for the use of animals, human subjects or biohazards have been approved. Once these approvals are confirmed (if applicable), the Office of Research will proceed with administering the funds.

Research Contracts

  • When a contract has been finalized, Contracts personnel will assign a research trust account number, open the account, and send account information to the Principal Investigator and to their departmental Administrative Assistant, including the account number and all financial coding needed for using the account.
  • In exceptional cases, if a definite commitment by the sponsor has been made, the Associate Vice-President (Research) may authorize the opening of an account before the contract is finalized.

Research Grants

  • Tri-council funding agencies (NSERC, SSHRC, and CIHR) notify Grants Officers when awards have been made.
  • Most other sponsors will send the applicant a funding notice. To ensure that a trust account is opened as quickly as possible, the applicant should send the notice to the appropriate Grants Officer. The original application will be retrieved; Grants personnel will assign a research trust account number, open the account, and send account information to the Principal Investigator and to their departmental Administrative Assistant, including the account number and all financial coding needed for using the account.
  • In the event the Principal Investigator receives notification that their project will NOT be funded, the notification should also be sent to the appropriate Grants Officer so database (Research Information System) records may be updated.

Use of Funds, Statements of Accounts, Overexpenditures

  • The funds awarded by a sponsor for contracts and grants are accounted for by Research Financial Services in the Office of Research. Contract or grant funds may be expended as needed by the faculty member in accordance with the conditions of the contract or grant and the policies and procedures of the University.
  • Statements of accounts may be provided by Research Accounts & Infrastructure Programs to the Principal Investigator and their departmental Administrative Assistant. Research Accounts & Infrastructure Programs will also prepare financial statements required by agencies and sponsors.
  • Principal Investigators are responsible for any overexpenditures. Principal Investigators should not undertake additional research which might require additional funds unless the sponsor is in agreement. Department Chairs share responsibility for the operation of research trust accounts. Should a Principal Investigator be unable to cover an overexpenditure, the difference will be required to be provided out of departmental funds

Early Account Request Form

The Early Account Request Form may be used in cases where the Office of Research has not yet authorized the set up of a research account. For example, in cases where a research contract has not yet been fully executed but for which its finalization is anticipated.