Q. Can I transfer remaining funds from one of my clinical trial accounts to another study?
A. No, available or remaining funds cannot be transferred from one account to another.
Q. Once the trial and patients' visits are completed can I spend the remaining funds as I wish and upon my discretion?A. The amount can only be spent upon the written approval of the funding agency or sponsor company. On behalf of the PI, OGC will formally request the agency's approval. It is often of the case whereby sponsor agencies approve the spending of remaining funds under the budget line item: "Investigator Fees".
Q. What shall I do if a trial's termination date is reached and I still need to carry out research activities beyond this date?A. It is important to request a no cost extension from the funding agency at least one month before the termination date. The PI should inform OGC that he/she needs an extension and provide a reason for the request. In turn OGC will initiate a request for a no-cost extension from the funding agency.
Q. What happens if I could not recruit patients to reach the targeted number of patients as stated on the clinical trial agreement?A. If PI could not recruit the needed number of patients as stated in the clinical trial agreement, the PI has the option to consider the clinical trial closed. The PI should inform OGC of the number of patients that he/she was able to reach, in turn OGC will request a closure letter from the sponsor, and will instruct the Office of the Comptroller to have the trial budget decreased accordingly.
Q. How can avoid overspending on my clinical trial account?A. PI should on a regular basis or as often as needed request from OGC an updated financial statement which indicates monthly expenditures, and available funds. OGC can tailor the regularity of these financial report updates depending on the PI's needs.
Q. If there are two or more Principal Investigators on a trial, how can I ensure my share of work is compensated for?A. Each Principal Investigator on the trial will be compensated according to the number of patients he/she recruits. In this context, each PI should report to OGC the number of patients he/she recruited and accordingly payments will be issued.
Q. How can I spend my “Principal investigator fees” on my clinical trial budget?
A. Principal Investigator (PI) fees are included in a clinical trial’s budget for the PI to spend in support of his/her research activities. However, PI fees cannot be transferred from one project account to another unless the PI receives the Dean's written approval.