Handling Program Income at Project Closeout
Federal regulations require the University to expend program income funds before sponsor funds. If funds remain in the project or program income account after the project has expired, project balances will revert to the sponsor. If the principal investigator anticipates a balance prior to expiration and wants to retain these funds, he or she should consult with the Sponsored Projects Administration (SPA) GA. The request must be made before the funds are used.
To be consistent in managing program income, the University extends the requirements to all nonfederal sponsors where it is reportable.
Handling project-related income generated after project expiration:
If the principal investigator expects to generate income after the project has expired, he or she must complete the Internal/External Sales Activity Form for all new activity and follow the instructions in Administrative Policy: Selling Goods and Services to External Customers.