Overview

Fixed price surplus budgets (budget type/class 05/34) are set up when the University is allowed to retain an unspent balance after a grant or contract award is closed out. Balance transfers to fixed price surplus budgets are limited to unexpended balances from:

  • Fixed price grants (budget type/class 05/14) 
  • Fixed price contracts (budget type/class 05/31) 
  • Clinical trial agreements (budget type/class 05/35).

Overexpenditures may be transferred from any grant or contract to a fixed price surplus budget.

Eligible budget types for surplus transfer:
  • Fixed price agreements (budget type/class 05/14 for grants and 05/31 for contracts) provide for a firm price rather than reimbursement for the University's costs in performing the work. Compensation is usually established at a fixed amount per test or per deliverable, with the Principal Investigator and parent department assuming responsibility for keeping costs within the amount earned. This award type places maximum risk and full responsibility upon the Principal Investigator for all costs and the resulting balance or deficit.
  • Industry-sponsored clinical trial agreements (05/35) are considered fixed price unless otherwise stated in the award documents. These award contracts are billed by the administering department, and funds received are applied to the budget by Grant and Contract Accounting (GCA). Upon verification from the department that the study is complete, the budget can be closed.
Authorization for surplus transfer:
  • Unexpended balances of 25% or less of the total funds received in fixed price accounts may be transferred to a fixed price surplus budget by GCA upon receipt of a written request from the department via GrantTracker. Please include the surplus budget you would like the balance transferred to.
  • If the unexpended balance is greater than 25% of total funds received, the department must provide the following information via GrantTracker. Please note that all three items must be addressed before GCA can proceed with the surplus transfer.
  1. A statement certifying that all project deliverables have been completed.
  2. A statement detailing why the remaining balance is greater than 25% of total receipts.
  3. The surplus budget you would like the balance transferred to.

Process Details

When an eligible budget is closing with a surplus balance, GCA will:

  • Offset unexpended balances under $25
  • Transfer an unexpended balance between $25 - $1,000 to the fixed price surplus account (FPSA) with the nearest F&A rate. If the unit does not have an existing FPSA at the 4th or 5th organization code level, the department must complete a fixed price surplus account request form and email it to gcahelp@uw.edu.
  • Transfer an unexpended balance over $1,000 to the FPSA with the nearest F&A rate. If the nearest FPSA is more than 10% from the award, the department must submit a request to create a new FPSA by emailing a fixed price surplus account form to gcahelp@uw.edu.

Funds in fixed price surplus budgets are unrestricted but still subject to University of Washington policies and procedures.

PI/Staff Responsibilities

  1. Review contract provisions to confirm that the University may retain any unexpended funds.
  2. Determine if the department has an appropriate fixed price surplus account. If it does not, contact GCA to set up a fixed price surplus account.
  3. If a budget has an unexpended balance of less than 25% of the funds received, contact GCA to transfer the balance to a fixed price surplus budget.
  4. If a budget has an unexpended balance greater than 25% of the funds received, provide the following information to GCA:
    1. A statement certifying that all project deliverables have been completed.
    2. A statement detailing why the remaining balance is greater than 25% of total receipts.
    3. The surplus budget you would like the balance transferred to.

GCA Staff Responsibilities

  1. Review the department's closing request to confirm that the University may retain any unexpended funds.
  2. Close budget and transfer funds per department request.