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What is a fixed-price award?

Most sponsored projects are cost-reimbursable awards where Rice bills the sponsor for actual costs up to the award amount.  As such, there are no no unspent funds at the end of the award.  A Fixed-price Award is an agreement where a fair price has been pre-determined for a set of deliverables at the proposal stage.  The sponsor pays the entire award amount to Rice based on the terms of the agreement and therefore, as long as the deliverables have been met and confirmed by the sponsor, unspent funds may remain.  These types of awards may include fixed-fee contracts and other agreements where unspent funds are not required to be returned to the sponsor.  

When there is a Residual Balance

If unspent funds remain in a Fixed-price Award at the conclusion of the project and all financial obligations and deliverables have been met, then RCA will implement the following:

• Confirm final expenditure amounts with the Project Administrator.

• F&A will applied to all eligible costs.

• The award and project will be extended by one year for remaining funds to be spent by the department.  This end date can be extended and will not be considered an amendment.   

• These funds may be transfered to a faculty fund.

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