Private agency contracts refer to contracts for research services provided by University researchers for a specific project for a non-governmental agency. These are usually for-profit companies, often times drug and pharmaceutical companies that need clinical study research on new drugs or products. These types of projects are traditionally in FMS Fund 57001 for clinical studies or 57015 for contracts that are not related to clinical drug studies.
The University enters into contracts on behalf of its employees. The contracts are from a wide variety of private companies. As a rule, these funds come with few restrictions on the allowability of expenses or re-budgeting. Any restrictions are addressed in the contract, and are typically listed in the Attributes section of the UTH Grants panels in FMS.
The PI's primary responsibility is to conduct the research and report the findings to the contracting entity as outlined in the contract. There are, however, several critical issues that must be addressed regarding contracts with private agencies.
Expenses using this fund source must (as all funds must) meet with institutional policy as set forth in the Handbook of Operating Procedure (HOOP).
If the funding vests with the University, then at the completion of the contract, any residual funds may be transferred to the PI’s gift account or spent out in the existing project as soon as possible. If funds are going to be transferred to a gift account, the PI should send an email to PAF stating the following: