Policies & Procedures


 

University of North Carolina - General Administration 

Administrative Policy and Procedure Manual    

 Statement No.: 4.12
    Part: POL
Disposition of Fixed Price Contracts/Awards (3-XXXXX) Accounts  Date: 07/01/2013

                                                              

Residual balance(s) in fixed price contract and grant awards will be transferred to a UNCGA Overhead Receipts account upon the review and approval of the Director of Sponsored Programs and the Associate Vice President for Finance Services.                                                                                                                                  

 

 

University of North Carolina - General Administration

Administrative Policy and Procedure Manual      

Statement No.: 4.12
    
  Part: PRO
Disposition of Fixed Price Contracts/Awards (3-XXXXX) Accounts                Date: 07/01/2013

                  

A fixed price contract or award is a method of contracting in which a specific price is paid for specific deliverables regardless of the recipient’s actual costs incurred.  Fixed price awards should be treated in a manner consistent with cost reimbursement awards in that every attempt should be made to ensure all budgeted project costs, including time and effort when incurred, are charged to the project account.  All project deliverables should be met and expenditures incurred by the project end date.  When all obligations have been met on such an award, there may still be funds left unspent in the account.  Unless otherwise specified in the original contract or award, any residual revenues which remain in a fixed price account upon completion of the project, after all allocable expenditures have been charged to the account and after all F&A charges have been appropriately distributed, will be transferred to a UNCGA overhead receipts account(s) to offset unrecovered F&A on the project or other institutional outlays.

 

Upon review and approval of the Director of Sponsored Programs and the Associate Vice President for Finance Services, a journal voucher will be prepared and processed to transfer the identified residual balance to a UNCGA Overhead Receipts account.  The description on the journal voucher will reference this policy and confirm the project and all deliverables are complete.