Fixed Price Closeout Guide

1. Fixed price contracts normally have no restrictions on use of funds, other than to accomplish the work agreed upon. If there are restrictions DSP will capture such restrictions on the NOA in the remarks section.
2. The budget presented to a sponsor allows the sponsor to understand and agree or negotiate the price.
3. Once the parties agree on the price to accomplish performance of the work the fixed price contract is executed by the parties.
4. The budget in peoplesoft is only the anticipated costs to accomplish the agreed to work under the contract.
5. The PI is allowed latitude as to how best to use the funds to accomplish the work using the funds awarded. These costs to conduct the work may or may not be in the budget.
6. Upon close or early termination. C&G Accounting confirms all cash is collected that has been earned by performing the work.
7. C&G Accounting issues the fixed price close memo to the Principal Investigator (PI) to collect the PI’s and where needed the Dept Chair’s affirmation that all work was completed and costs support the work.
8. The close memo is returned to C&G for final approval.
9. Upon C&G’s final approval the residual funds are moved accordingly.
   • Directs to the PI’s designated residual project
   • Indirect costs are moved to DSP for later distribution following UF policy
10. 10. If you have any questions, please contact C&G Accounting first and not the Sponsor.