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Award Administration
Fixed Price Closeout Guiding Principles
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Fixed price contracts normally have no restrictions on use of funds, other than to accomplish the work agreed upon. If there are restrictions DSR will capture such restrictions on the NOA in the remarks section.
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The budget presented to a sponsor allows the sponsor to understand and agree or negotiate the price.
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Once the parties agree on the job at a price we sign the contract.
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The budget in peoplesoft is only the anticipated costs to perform the work.
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The PI has much latitude as to how best to use the funds to accomplish the work. These costs may or may not be in the budget.
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Upon close or early termination. C&G Accounting confirms all cash is collected that is owed.
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C&G Accounting issues the fixed price close memo to the Principal Investigator (PI) to collect the PI' and where needed the Dept Chair's affirmation that all work was completed and costs support the work.
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The close memo is sent to DSR for final approval.
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Upon receipt of DSR's approval the residual funds are moved accordingly.
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Directs to the PI's designated residual project
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Indirect costs are moved to DSR for later distribution following UF policy
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If you have any questions, please contact DSR first and not the Sponsor.