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Fixed Amount Award – Residual Balance

Finance

View policy pdf: Fixed Amount Award – Residual Balance Policy

Purpose:

The purpose of this policy is to ensure compliance with the standards set forth in the Federal Office of Management and Budget 2 CFR 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (2 CFR 200), Federal and State regulations, and sponsor-specific requirements. This policy provides guidance, which will assist University of Georgia (UGA) personnel proposing, performing and managing sponsored activities. Fixed Amount Awards/Contracts provide a specific level of support without regard to actual costs incurred. This type of award/contract reduces some of the administrative burden and record-keeping requirements. Accountability is based primarily on performance and results.

Failure to comply with UGA policies and procedures may result in audit findings, suspension of sponsored activities, closer monitoring by the sponsor, delays in final payments, and/or other enforcement actions imposed by the sponsor. This policy applies to all Federal and nonFederal sponsored activities, including all externally funded activities (i.e., research, public service and outreach, instruction and cooperative extension).

Responsibilities

Date Issued:

Last Reviewed/Updated: