Authority: Vice Chancellor for Finance and Administration
History: First Issued: July 1, 2002.
Procedures for Closing a Fixed Price Account
Contact Info: Assistant Director, Systems and Compliance (919-515-8011) Office of Contracts and Grants
This statement provides information regarding the administration of fixed price projects.
Sponsored awards that meet EACH of the following criteria (as determined by the Office of Contracts and Grants) are considered a “fixed price” project. The Office of Contracts and Grants will stamp the Notice of Award as “Fixed Price”.
2.1. NO financial reporting requirements,
2.2. NO audit requirements,
2.3. NO reference to costs being “reimbursable”,
2.4. NO reference to Federal Circulars (except references to A-133) or Cost Accounting Standards (CAS),
2.5. NO reference to limitations on types of allowable expenditures or prior approval issues related to expenditures.
3.1. The funds can at any time (after the award has been made to the University) be used at the discretion of the PI.
3.2. Funds must be expended in accordance with University and State purchasing guidelines. The only exception to this policy is in the case where any of the funds in the fixed price account are used as cost sharing on a sponsored award that is a CAS covered award.
3.3. Colleges may place additional restrictions on the expenditure of fixed price funds during the award period and/or after the agreement end date. Contact your research or college business office for additional guidance.
3.4. A single statement by the Sponsor referring to an award as “firm fixed price” in no way ensures a fixed price status in the eyes of the University.