Sponsored Awards - Fixed Price Projects
REG 10.05.13
Authority: Vice Chancellor for Finance and Business
History:
First Issued: July 1, 2002.
Contact Info:
Assistant Director, Systems and Compliance (919) 515-8018 Office of Contracts and Grants .
1. Introduction
This statement provides information regarding the administration of fixed
price projects.
2. Guidelines
Sponsored awards that meet EACH of the following criteria (as determined
by the Office of Contracts and Grants) are considered a "fixed price"
project. The Office of Contracts and Grants will stamp the Notice of Award
as "Fixed Price".
2.1. NO financial reporting requirements,
2.2. NO audit requirements,
2.3. NO reference to costs being "reimbursable"
2.4. NO reference to Federal Circulars (except references to A-133) or Cost
Accounting Standards (CAS)
2.5. NO reference to limitations on types of allowable expenditures or prior
approval issues related to expenditures
3. Rule
3.1. The funds can at any time (after the award has been made to the University)
be used at the discretion of the PI.
3.2. Funds must be expended in accordance with University and State purchasing
guidelines. The only exception to this policy is in the case where any of
the funds in the fixed price account are used as cost sharing on a sponsored
award that is a CAS covered award.
3.3. Colleges may place additional restrictions on the expenditure of fixed
price funds during the award period and/or after the agreement end date.
Contact your research or college business office for additional guidance.
3.4. A single statement by the Sponsor referring to an award as "firm
fixed price" in no way ensures a fixed price status in the eyes of
the University.
Procedures for Closing a Fixed Price project can be located at http://www7.acs.ncsu.edu/CNG/policies/closing_account.asp.
