Frequently Asked Questions

A Fixed Price budget is one that represents an agreement made with a sponsor to perform service at a firm price, without the ability to adjust that price for actual increased costs in performing said service. The firm price is usually based on a per test, or per deliverable, service. The University retains the unexpended balance of fully paid Fixed Price budgets.

The unexpended balance is transferred to a Fixed Price Surplus budget that has been established by a department in order to receive those unexpended balances from their respective Fixed Price budgets. The Fixed Price Surplus budget may be used to offset deficits in any grant or contract. For further information see Fixed Price Surplus budgets 

There is no set limit, but we recommend having three Fixed Price Surplus budgets (if needed) -- one surplus budget to correspond with on-campus fixed price activity, one for off-campus activity, and one for clinical trial surplus or another special rate.  For further information, go to Fixed Price Surplus.