Please be aware that as of September 1, 2025, Sponsored Programs Administration, operating through the °¼Í¹ÊÓƵ Research Foundation, has updated its procedures for processing residual fund transfers on Firm Fixed Price (FFP) awards.
These changes are intended to promote greater consistency and transparency in the management of fixed price agreements, ensure alignment with federal and institutional stewardship expectations, and support appropriate use of research-related funds.
Residual balances in excess of 20% of the total award amount or more than $10,000, whichever comes first, will require both the Vice President for Research (VPR) and the Dean's (or designee's) signature to complete the transfer.
Residual balances exceeding 75% of the total award amount will require the VPR, the Dean, and the Provost or VHS Executive Vice President. Residual balances that have had NO expenses will be returned to the sponsor.
In both occurrences, an explanation for the amount of residual funds remaining is still required and will be provided for review with the request for transfer to the above individuals.
SPA will track the occurrences of residual balance transfers that exceed the 20% or more than $10,000, whichever comes first, and 75% thresholds.
For questions or more information, please contact Sponsored Programs Administration Compliance, through the °¼Í¹ÊÓƵ Research Foundation at rfhelpdesk@odu.edu.