VCOM Institutional Policy and Procedure Manual

VCOM Policy and Procedure

Policy #R014

5. E XAMPLES

Residual balance equal to or less than 10% of total award: Fixed price contract award total $50,000. Project expenditures total $47,000. Residual balance of $3 ,000 is less than 10% total award; disbursed to Principal Investigator’s indirect cost account.

Residual balance more than 10% of total award: Fixed price contract award total $50,000. Project expenditures total $40,000.

Residual balance of $10,000 is more than 10% total award. If Principal Investigator justification is approved, disbursement will be in accordance with College F&A Distribution Policy: $8,000 (80%) to College and $2,000 (20%) to Principal Investigator’s indirect cost account.

6. D URATION OF P OLICY

The VCOM Residual Policy established by the Office of Research Administration is effective as of the date above and shall remain effective until amended or terminated by the President and the Provost.

VCOM ORA Residual Funds Policy

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