Closing a Fixed Price Account

Fixed Price accounts should be “closed” within 90 days following the project end date. Note that the research must be completed by the project end date; however, once that date has passed, any remaining funds can be spent by the Principal Investigator as long as it meets University and State purchasing guidelines. [Exception: if funds are being used as cost sharing on a CAS covered agreement they must meet CAS guidelines.]

To help you in this process, the Office of Contracts and Grants provides  two reports each month:

  • Fixed Price Accounts Past Project End – This lists all fixed price accounts that are still active and have passed the project end date. The purpose of this report is to let you know which accounts you need to address.
  • Fixed Price – Expiring – This report lists all fixed price accounts that are five months past the project end date. The purpose of this report is to let you know that the remaining balance needs to be “spent” within the following month so that the account can be closed out. In lieu of spending the balance out, the balance can be transferred to a Ledger 7 account if you prefer. If this is the case, simply let C&G know what account the balance needs to be transferred to and we will make the necessary adjustment.

Our goal in this process is to clean up these accounts in a timely manner. If you have any questions or concerns about these procedures, please contact Julie Schwindt.