Fixed Price Contract Residual Balances

Fixed price sponsored awards are awards in which an agreed upon, set price is determined for the project to be accomplished. When there is any unspent balance left on the fixed price fund, the request will be made to OSP to transfer the balance (direct, indirect, and any remaining interest) to the designated account(s) identified and signed off by FAS RAS and SEAS Office of Finance. Fixed price sponsored award balance transfer responsibilities are shared among the PI, Department, School (FAS RAS and SEAS Finance), and OSP.  FAS and SEAS require completion of the Fixed Price Award Residual Balance Transfer Form regardless of the residual balance amount.

Current Process

  • OSP will review the account to ensure that all sponsored funds have been received and all award requirements have been met.
  • Grant manager/department will confirm a final figure with OSP that indicates all expenditures have been posted to the fund, all effort that has been charged to the project is in line with the work performed, and that the expenses are allocable and allowable.
  • Once the final unexpended balance is determined by OSP, grant manager/department will calculate the amounts of direct and indirect costs based on the agreed upon rate shown in GMAS.
  • When PI is still active at the time of the closeout; he/she will get a total amount of direct costs of the remaining balance. The indirect costs portion of the balance will be transferred to the school-specific designated fund.
  • The PI and department will complete, sign and submit the school-specific Fixed Price Award Residual Balance Transfer Form to the designated school representative. FAS – Nuala McGowan, Senior Director of Research Finance and Compliance and SEAS – Leslie Schaffer, Associate Dean for Finance.

Related Policies and Documents