Fixed Price Agreements Close-out
Fixed Price Agreements that have been satisfactorily completed (all the terms of the agreement have been met) and have cash (budget) available must be closed by sending a memo to Sponsored Programs Accounting. This memo notifies Sponsored Program Accounting that the funds are no longer restricted based on the original agreement.
Sponsored Program Accounting will distribute these funds as follows:
- Any balance less than $1,000 will be transferred to an appropriate reserve account
- Any balance more than $1,000 will be transferred as follows:
- 60% to reserve
- 40% to administrative cost
This policy is effective as of September 1, 2005.