Comptroller's Office  Policies and Procedures Manual
Effective: 10/23/1979	Revised: 12/01/2009

CMP 402-02: Residual Funds

To define policy and procedure for residual funds, and to encourage accurate estimation and management in negotiating fixed price agreements

University policy; Vice President for Research and Office of Grant and Contract Services. 

Residual funds on fixed price contracts in the amount of 5 % of the total award, up to a maximum of $5,000, can be retained by the department or unit.  Residual funds in excess of $5,000 are to be transferred to the Office of the Vice President for Research.  Only the Vice President for Research can authorize the generating department’s retention and/or use of the excess funds over the 5 % (or $5,000) for projects other than the original contract.  The request to retain and to use the excess funds must be made in writing and approved by the Vice President for Research.

Residual funds in excess of the 5 % or $5,000 will be used by the OVPR for benefit of faculty research and scholarship across campus.

For additional information, please contact the office of Sponsored Projects Services.