good morning, Nancy..

We account for them as restricted funds, and flag them in the financial system as fixed price contracts so that we know how to wrap them up. When an award comes in as fixed price, and we assign them as such, our audit defense for ultimate disposition of residual funds (if there are any, and those get moved to general fund once we have completed a release of claims) is the fixed price contract itself ("just do the job, and we don't care how you do it - just deliver the widgets"). For fed contracts, we have the FAR to point to, and for non-federal, private contracts we use their own conditions of completion.

A bit vague, but we've never had to defend these in the past.

maggie


G. Maggie Griscavage, CRA, GWCCM
Director, Office of Grants & Contracts Administration
Authorized University Representative
University of Alaska Fairbanks


On Tue, May 29, 2012 at 8:15 AM, Nancy Schlesiger <xxxxxx@unomaha.edu> wrote:

Good day, colleagues.  A couple of quick questions for those of you who receive fixed-price agreements (from either federal or nonfederal sources): 

 

1) Do you manage your fixed-price agreements as restricted funds, unrestricted funds, or something else?  

 

2) What is your audit rationale for accounting for them in this manner?

 

Thank you for your wise words.

 

Nancy

++++++++++++++++++++++++++

Nancy A. Schlesiger, CRA, Assistant Director

Office of Sponsored Programs & Research

University of Nebraska at Omaha

6001 Dodge Street, EAB 203, Omaha, NE 68182-0210

 

402-554-2286 phone

402-554-3698 fax

www.unomaha.edu/spr

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