OSRA, in coordination with Grants Accounting, has issued a new Standard Operating Procedure (SOP) for Advanced Account Requests. The SOP has been implemented to set parameters around when advanced accounts can be requested and how long they can remain in an Advanced Account. As there are institutional risks associated with advanced accounts, this is an essential policy to ensure the necessary steps are completed in a timely fashion and accounts are brought to full account creation status.

The SOP outlines the prerequisites required in order to request an advanced account. It also outlines the responsibilities of the PI and their Department Staff in preparing a request and managing an award in an Advanced Account status. Advanced accounts will only remain open for 90 days from the budget period start date . If a finalized award/agreement and/or compliance documentation is not in place within 90 days, the account will be deactivated, and expenditures will be transferred to the designated fund provided by the department.

The updated policy is available here and has been published on the OSRA website, under Policies & Procedures. To align with the new SOP, the Advanced Account Request form has also been updated and is available here. Effective April 1, 2024 the new SOP and Advanced Account Request Form must be utilized. 

Department staff managing accounts for their PIs must review and familiarize themselves with this policy.