Firm Fixed Price (FFP) Residual BalancesFirm Fixed Price (FFP) Residual Balances
Some grants and/or contracts awarded to the Institute are considered “firm fixed price” contracts. For these types of contracts, a unit will produce a product for a pre-set price. (Most other grants and contracts are based on reimbursement of actual expenditures.) If a product is delivered and not all the sponsor funds have been utilized, the department may request the remaining funds.
Procedures for obtaining FFP Residual Balances
- Request documentation of FFP residual balance amount from Grants and Contracts.
Note: Units only receive the direct portion of the residual balance.
- Obtain approval of funds transfer from Budget Office. This may be done via email. Please contact the Director of Budget Planning and Administration, copy to the Associate VP of Financial Services. Include Grants and Contracts documentation as an attachment.
- Once approved, the Unit may include the new funding in the next monthly budget amendment.
- The Budget Office will establish a unique project number for these funds and post the appropriate budget amount.
Note: The revenue generated by this transaction is unique. The BOR classifies these funds as either Indirect Cost Recoveries or Other Miscellaneous Income, depending on details of the transactions. Expenditures must be charged to the same fund as the revenue. Budget amendments to these projects are not allowed.