Jim, at University of Wisconsin-River Falls, salary savings revert to the
salary unit, in most cases the college of the PI.  We have no written policy to
that effect, the money just stays where it is, and--at our place,
anyway--that's under the control of the dean.

Incidentally, I once lost a point on a Title III proposal when I wrote the full
cost of a faculty member into the budget instead of the (considerably lower)
replacement cost.  We got the grant anyway, but one point counts for a lot in
Title III competitions.  The moral: read the budget instructions very carefully
and don't take anything for granted.

Bill Campbell
Director, Grants & Research
UW-River Falls