Ruth,
I dislike seeing more than a 15% residual. I did have an actual case
wherein I had almost 45% remaining on a fixed price award. In good
faith, I contacted the sponsor (a fed agency) and offered to return the
huge amount (about $45k). They were totally unreceptive! The comment I
got back was tantamount to "What part of keep it don't you understand?"
Anyway, the residual at my university gets transferred to the PI's
department for the discretionary use of the dean.

Maggie

Maggie Griscavage, Director
Office of Grants & Contracts Administration

Ruth B Smith wrote:
> 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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