FIXED PRICE RESIDUAL FUNDS POLICY

Policy dated March 29, 1999

After completion of all deliverables required under a fixed-price award, after costs in fulfilling the requirements of the award have been charged to the account, and after full payment from the sponsor has been received, indirect costs will be recovered at the University's current federally negotiated rate to the extent funds are available. If funds remain after charging the full indirect costs and within sixty (60) calendar days after the closing date of the contract, the Principal Investigator (PI) may submit a request with a budget to the Vice President for Research proposing to use the remaining residual funds for other specific research activities. The Vice President for Research will consider the proposed activities in the context of goals and research priorities of the University. The request will be approved if the project is consistent with broader University priorities. In that case, funds will be transferred to an account established for the PI for the proposed purposes. If broader University or research activities have higher priority than those proposed, the residual funds will be utilized to support research enhancement efforts designed to move FSU's research and graduate educational activities toward enhanced national status. The Council on Research and Creativity will advise and counsel in this process.

May 1, 1999 Amendment to Policy

• The first $75,000 of the residual balance will be transferred to an account for the Principal Investigator for use in furthering the research mission of FSU. The account will be entitled "PI Research Support."
• The residual balance in excess of $75,000 will first be used to cover indirect cost at the University's current federally approved rate. The indirect costs will be included in the SRAD pool and will be distributed in accordance with the SRAD distribution policy. Of the remaining amount, fifty (50) percent will be transferred to the PI Research Support account to further the research mission and fifty percent will be maintained to support faculty research programs at the University.

If the Principal Investigator's salary and research program are supported entirely from external funds, an exception to this policy will be considered.

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