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Residual balances on a sponsored project may be transferred to an unrestricted department residual fund account to be used to further University academic, research, and service missions.

Accepting a fixed price agreement involves a degree of risk because the University must complete all work even if the costs exceed the amount of the agreement. In addition to mitigating the risks associated with accepting fixed price agreements, the University must also ensure that relevant costs are assigned to the appropriate project and that the necessary processes are in place to assure consistency in estimating, accumulating, and reporting costs.

This operating standard encourages reconciliation of sponsored project accounts in a timely, accurate fashion and places responsibility for irreconcilable accounts with the departments.

This operating standard presents various types of final reports requested at the end of a project period to close out a sponsored project, with emphasis on collaboration amongst central offices, Office of Sponsored Programs (OSP), and the Principal Investigator (PI) in providing and reconciling all pertinent information.