FAQ 1: What is the process for managing overspent awards in iO?
Once the award has ended, any expenses that are in excess of the award budget are transferred to a Deficit project. RCA will create the Deficit project as needed and move the total deficit amount there. Please create a help desk ticket for this request.
FAQ 2: What is the process in iO to manage the residual balances of fixed price awards?
- Research and Cost Accounting (RCA) will confirm the final expenditure amounts with the PI / department administrator (DA). The DA will alert RCA when the sponsor confirms satisfactory completion of all deliverables.
- Full Facilities and Administrative costs (F&A) will be applied to the award prior to transferring the residual funds in order to ensure all F&A costs associated with the award are fully funded.
- The award project end date will be extended by 1 year to allow time for the funding to be spent by the department. F&A charging will also be turned off by RCA to ensure new expenses do not incur F&A.
- The funding remainder may be moved to the faculty’s faculty fund research task if there are no further expenses related to the project’s scope of work.
The procedure for residual funds has been updated on the RCA website. https://controller.rice.edu/rca-fixed-price-funds
These FAQs, and others, can be found at https://controller.rice.edu/rca-faqs
Nick
