Fixed Price Residual Policy

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Title: Fixed Price Residual Policy
Policy Owner: Office of the Vice President for Research, Sponsored Program Services
Applies to: Faculty and staff conducting sponsored program activity at Storrs and the regional campuses
Campus Applicability: All campuses except for UConn Health
Effective Date: July 7, 2015
For More Information, Contact Offices of the Vice President for Research and Sponsored Program Services
Contact Information: (860) 486-3622
Official Website: http://research.uconn.edu

 

REASON FOR POLICY

To establish guidelines for the disposition of residual balances remaining in sponsored project accounts for fixed price contracts awarded to the University.

APPLIES TO

This policy applies to faculty and staff at the Storrs and regional campuses who are working with sponsored program grants and contracts.

DEFINITIONS

Fixed Price Contract: An agreement in which the University guarantees to deliver a product or perform a service for a set (fixed) price agreed upon in advance and payable regardless of actual costs.

Residual Balance: An unobligated, unspent balance remaining in a fixed price sponsored project account after all work has been completed and all deliverables have been met.

POLICY STATEMENT

Residual fund balances that are under 15% of the direct cost budget of a fixed price sponsored program restricted project account will be transferred to an unrestricted account for use by the PI at his/her discretion subject to the following conditions:

  • The project budget represented a good faith and realistic estimate of the cost to perform the work.
  • The PI confirms in writing that all project-related costs have been charged to the project account and that all deliverables have been met.

Direct cost balances over the first 15% will be evaluated by the Dean of the school/college to determine their disposition.

ENFORCEMENT

Violations of this policy may result in appropriate disciplinary measures in accordance with University Laws and By-Laws, General Rules of Conduct for All University Employees, applicable collective bargaining agreements, and the University of Connecticut Student Code.

PROCEDURES

SPS has established operating procedures designed to ensure compliance with this policy. This includes working with the PI and department personnel during the closeout process to ensure all project-related costs have been charged to the restricted account, and all deliverables have been met.

See Fixed Price Residual on the Award section of the OVPR website.

POLICY HISTORY

Policy created:   3/1/2013

Revised:            7/7/2015 (Approved by the Vice President for Research)