Fixed Price Agreements
The disposition of unexpended balances in the grants of expired fixed price agreements become Fixed Price funds. The PI is allowed maximum flexibility to use the remaining funds to support the original area of the award (e.g., research, instruction, public service), while establishing a liquidation schedule for these grants. The Ag Center and Vet Med have their own policy for Fixed Price agreements therefore, FASOP AS-08 does not apply to awards established under those units.
F&A Costs on Expired Fixed Price Accounts
In accordance with FASOP AS-08, upon expiration, the remaining funds budgeted for
F&A costs shall be recovered by the University. After this is accomplished, remaining
funds are available to be expended by the PI.
Fringe Benefits & Tuition Remission
Rates for Fringe Benefits and Tuition Remission are updated each fiscal year on expired
fixed price awards to reflect the current year rates.
Minimum Balance
In accordance with FASOP AS-08, any account that has an unexpended balance of less
than $100 will be closed 90 days after the expiration date with the balance being
recognized as F&A.
Grace Period
In accordance with FASOP AS-08, the PI has a period of 36 months following the expiration
date to use these funds with the following exception: PIs at the School of Veterinary
Medicine will have a period of six (6) months following the expiration date to use
these funds. The expenditures must be tentative or encumbered on the final ledger
in order to be allowable.
Absent PI and/or Key Personnel
For an expired fixed price agreement for which the PI is no longer affiliated with
the University (or for which the PI is unavailable to monitor the agreement), the
unit head will be responsible for the disbursement of any unobligated funds. The
unit head is also responsible for notifying SPA of a change in PI.
Reversion
Any funds remaining at the end of the grace period will revert to the Vice President
for Research & Economic Development with the following exception: funds remaining
in School of Veterinary Medicine projects will revert to the Dean of the school. These
funds will be used as matching funds to sponsored agreements and to support research.