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The University will accept fixed price awards and will encourage negotiation that will ensure costs incurred will not exceed the agreed upon amount. All contracts will be assumed to be cost reimbursable unless specifically stated as fixed cost in the award document or other written documentation.

It is the policy of the University that residual balances remaining at the end of a fixed price contract that do not have to be returned to the sponsor will be allocated in the order listed below: 

1) Indirect costs, if waived on the grant or not recovered in full, will be calculated and recorded accordingly

2) Used to cover deficits in another one of the PI/PD’s or departments accounts

3) Used to cover audited disallowances on the PI/PD’s project account

4) Remaining funds will be allocated to the University’s contingency fund

If the residual funds are greater than or equal to $10,000 or 25% of the award, written justification from the PI/PD must be submitted to and approved by the VPAF.