A fixed price contract or agreement is where a pre-determined/fixed amount of funds is awarded by the sponsor to complete a defined scope of work. Ideally, a fixed price account should be fully expended during the award period. If more than the approved budget is expended, the University is responsible to cover the deficit. Occasionally, there may be minimal residual balances at the end of the project. These residual balances may be retained by the University.
- Fixed price account transfers
The following six criteria must be met in order for a fixed price transfer to the College, School or department's account:
2. The scope of work is complete and to the satisfaction of the sponsor.
3. All payments have been received.
4. All expenses have been recorded in the project account.
5. The account is ready to be closed.
6. The project end date has been reached.
Use the Fixed Price - Residual Balance Closeout Form (click to view) form to request balance transfer. Upon approval of transfer request, the ORS accountant will prepare a JV to transfer the funds. The FO will be provided a copy of the JV.
- Fixed price account extensions
If an end date is not specified in the award document and the project has been completed, a one-year extension to the project account end date established may be available if the following criteria are met:
|The award is a fixed price contract and all project deliverables have been met to the satisfaction of the sponsor,|
|All project funds have been received from the sponsor, and|
|All project expenses have been charged to the project account.|