University of Vermont

Sponsored Project Administration - SPA

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Residual Balances

Residual Balances on Sponsored Projects UOP

Effective on April 1, 2014, the Residual Balances on Sponsored Agreements University Operating Procedure (UOP) provides guidelines for handling an unspent balance on fixed price agreements. 

These are sponsored agreements where the sponsors pay the University a firm price for an agreed upon body of work, regardless of the costs incurred for completing the work. Additionally, the UOP is intended to: 

  • Provide principal investigators (PI) and their department access to the residual balance
  • For uses consistent with their academic units’ missions
  • Uninhibited by the former sponsor’s requirements
  • While ensuring that sponsor and University requirements have been satisfied 
  • Reduce the administrative burden of unnecessarily carrying residual funds in restricted accounts

Process

Link to University Operating Procedure (UOP)

  • Residual Balances on Sponsored Agreements University Operating Procedure (UOP)
  • If you have a residual balance greater than $1,000 on a fixed price award, the SPA Financial Analyst (FA) with whom you work will contact the Principal Investigator during the closeout process. 
  • With the assistance from the department administrator, the PI then completes the Residual Balance Transfer Request Form.

Link to the Residual Balance Transfer Request Form

  • Residual Balance Transfer Request Form
  • Following completion of the form, the SPA FA review and approve it and then will work with the FAB (Financial Analysis and Budgeting) office or your academic unit’s Dean’s office to facilitate moving the residual balance to the appropriate departmental chartstring.

FAB’s guidance for selection of chartstrings for transfer

  1. Fund 305 should be considered as the first option
  2. Fund 200 may be allowable in cases where the unspent balance is to be used immediately on the purchase of equipment
  3. Fund 108 may be allowable in cases where the unspent balance is to be just rolled over for use in the subsequent fiscal years

For additional information, please review the recent Sponsored Project Training Program presentation or contact the SPA FA assigned to your unit.



Last modified April 23 2014 10:17 AM

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