ORA-02-03 Residual Funds Form; Rev. 5/12, 4/14, 5/16, 6/17
Office of Research Administration
ORA-02-03: RESIDUAL FUNDS FORM
It is the policy of the University of Akron (UA) that residual balances remaining at the end of a fixed price
agreement in which UA does not have to return funds to the sponsor will be transferred to the Indirect Cost
(IDC) Recovery Account of the Principal Investigator/Project Director (PI/PD). An account will be established for
those PI/PDs without a current, Indirect Cost (IDC) Recovery Account. Prior to transfer of funds, the fixed priced
residuals are assessed Indirect Cost (IDC) at the rate paid by the sponsor.
itiate the residual fund process, the PI/PD will submit the completed Certification of Residual Funds Form to
the Office of Research Administration (ORA). ORA will confirm that all allocable expenses have been charged to
the project, and that all deliverables have been submitted to the sponsor. Residual balances greater than or
equal to 25% of the total award amount require written justification from the PI/PD as well as additional review
by the Office of Research Administration prior to transfer.
The Office of Research Administration’s Residual Funds Policy, ORA-02-03, applies to all externally funded
projects, regardless of sponsor type.
PI: Fixed Price Project Budget
Speedtype: Total Expenditures
Sponsored by: Residual Balance
Indirect Costs are deducted from the account’s residual balance at the project IDC rate in place at the time of
• Any balance remaining
, less IDC, which is 25% or less of the funded amount will automatically be transferred
to the unrestricted account specified below.
• Any balance remaining, less IDC, which is over 25% of the funded amount requires an explanation of the
variance between the project budget and the actual amount expended as well as ORA administrative
review prior to the transfer of funds to the unrestricted account specified below.
• When there are multiple projects under one award and a residual balance exists on the child project, the
balance will roll up to the parent project unless the Principal Investigator authorizes that the balance can be
kept by the Co-Principal Investigator.
Indirect Cost (IDC) Recovery account speedtype:
Section 1: Project Information