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. If the cost of the project exceeds the awarded amount, the University absorbs the additional costs required to perform the work. If the project is performed at a cost below the awarded amount, the residual balance must be treated in accordance with the terms and conditions of the award and/or the sponsor’s written policies relating to disposition of residual balances.

Per University guidance, a Fixed Price Residual Balance form is required to be completed for any sponsored award with a remaining balance of $250.00 or more. Balances of $10,000 or more require a Balance Justification, PI signature, and OSP signature when completing the Form. Balances below $250 or interest-only transfers do not require a form. All forms should be routed to the school level approver at RAS for review and approval.

Please note:

  1. Residual balances will be split between direct and indirect costs at the negotiated indirect cost rate
  2. If any questions, please direct your questions to Marina Magid. The completed form should be routed to this individual.

Related Policies and Documents