Ruth,
We ask for justification/explanation when the remaining direct cost
balance exceeds 15% of the original budget.  Our policy regarding use of
the residual funds is pretty much identical to yours.

Neal Breen, CRA
Manager, Grant Administration
Office for Sponsored Programs
University of Connecticut
438 Whitney Road Ext., U-1133
Storrs, CT 06269-1133
860-486-3798 (Phone)
860-486-3726 (Fax)

>-----Original Message-----
>From: Research Administration List
>[mailto:xxxxxx@HRINET.ORG] On Behalf Of Ruth B Smith
>Sent: Wednesday, August 30, 2006 11:41 AM
>To: xxxxxx@HRINET.ORG
>Subject: [RESADM-L] Residual funds and discretionary accounts
>
>
>Dear Colleagues,
>
>From time to time residual funds remain after performance of a
>fixed price
>contract is completed and payment in full is received.  I would be
>interested in how you manage two aspects, in particular, of
>residual funds.
>
>First, what percentage of the original amount raises a red flag?  For
>example, we would be somewhat concerned if $30,000 of a
>$100,000 project
>remained, very concerned about 50% or more but not at all
>concerned about
>10% or less.
>
>Second, how may the residual funds be used and by whom?  May a faculty
>member pay his or her own off-duty quarter salary using
>residual or other
>discretionary funds?  We transfer residual funds, less F&A, to
>an account
>for the PI's use for research-related purposes.  These
>discretionary funds
>may not be used faculty salaries but may be used for expenses such as
>student support, travel for meetings with funding agencies,
>small equipment
>and supplies.  The funds remain in the PI's discretionary account until
>spent.
>
>Thank you for any information you are willing to provide.
>
>Cordially,
>
>Ruth
>
>
>
>
>
>Ruth Smith, Executive Director
>Old Dominion University Research Foundation
>P.O. Box 6369; Norfolk, VA 23508
>Ph 757.683.4293, ext. 600
>Fax 757.683.5290
>Mobile Ph 757-469-5675
>
>
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