When a project is Declined follow these steps:
Open the Project and click EDIT.
Change the Status to Declined.
Enter the Actual Hours you spent on this project
This is good information to have on hand when the project comes along next year
Response Date
When you renew the project, this field will be used to populate the field for "Expected Response Date" on next years Project.
Once you've updated all the fields you want updated, click Renew Project.