The university has an obligation to sponsors and funding agencies to bring funded projects to closure in a timely manner. The award closeout process is a collaborative effort of all parties involved in ensuring completion of all project work, filing required reports, and resolving financial matters.
Award Closeout
Award closeout requires:
- Balancing the budget, expenditures, billings, and payments.
- This may entail removing an overdraft or refunding unspent amounts to the sponsor.
- Specific requirements vary by the sponsor, per details in the contract/award document.
- The award document will indicate if the sponsor requires a final invoice, a final project or financial report, and instructions for the disposition of an unspent balance.
Preparing for Award Closeout
Closing policies, procedures, and required documentation vary depending on the sponsoring agency; therefore, it is difficult to initiate a single closing form or procedure as a general guideline.
Some federal awards may include more restrictive closeout requirements in the terms and conditions of the award. If so, the more restrictive requirements should be adhered to in closing out the award.
Failure to close out an award in a timely manner may result in the sponsor withholding new awards for the entire campus or the suspension of payments for costs incurred (by the university) for other projects under the same sponsorship.
In order to closeout an award in a timely manner, the following tasks can be completed by the PI and department throughout the award and closeout periods:
30 - 60 days prior to the end date of the award:
- Determine if an extension will be needed, and if so, send the request to your OSP Grants Coordinator
- Monitor SAP accounts/reports for potential deficits
- WBS and;
- Cost share cost centers (as applicable)
- Review technical report requirements and plan for completion
- Process Personnel Action Forms (PAFs) to move salary to other cost objects where appropriate
First 30 days after termination:
- PI/Dept contact should ensure all the following are completed:
- Financial transactions
- Invoices are paid
- Review and correct any accounting errors
- Process any needed PAFs
- Confirm with grants accountant that all cost share requirements have been met and documented
30 - 60 days after termination:
Grants Accounting will:- Review transactions and work with the PI/Dept for any needed corrections.
- Complete all final financial reports
- Review awards files to ensure complete documentation exists for audits
- Complete and verify the final Project Verification Statement.
- Ensure no payroll should post during this time period
- Complete and submit all final technical/progress reports
- Provide a copy to Grants Accounting
- Review its award files and ensure complete documentation exists for audits.
60 - 90 days after termination:
- Final reports are completed and submitted.
- Files are stored for audit in accordance with the records retention schedule.