Fixed Price Residual Cost Transfers Procedure
This procedure addresses the current process for requesting a residual fund transfer of a fixed price contract upon termination of the project.
Draft a letter to the Director of Sponsored Programs Financial Administration & Compliance (SPFAC), on your letterhead to include the following:
- Request to Close Restricted Account Rxxxx, entitled “[name of project]” by [sponsor name]
- Identify the Principal Investigator
- Send verification that deliverables were met (e.g. letter of acceptance from sponsor will do)
- Attach a copy of the Final Report, if required
- If a subcontract was issued, state that the subrecipient has met all requirements and has been paid.
- Request to transfer the funds from [R account] to [G account]*
- Provide reasons why funds were not needed/spent
Sign the letter and send the signed letter to Cathe Charlier at Sponsored Programs Financial Administration & Compliance (SPFAC). Do not use the Cost Transfer form (which is only used to correct charges).
Upon receipt of the request, SPFAC will:
- Verify that effort reports were certified
- Verify financial information through ISIS
- Request removal of any remaining committed indirect
- Obtain necessary approvals
* If no G account exists, add a request for SPFAC to ensure that one is created. (SPFAC:To create a G account for a PI, the assistant director will send an e-mail to Sue Broussard at 337-482-1245 or firstname.lastname@example.org)
Please contact SPFAC at 337-482-2840 if you have any questions.