Award Close Out
The award end date determines the time frame in which the research or project should be complete and the closeout process should begin. Generally, the closeout period is 90 days, but award terms should be checked to verify. Departments are responsible for ensuring that the award is in the proper status for closeout. Research Accounting is responsible for filing all financial reports. Here’s a quick checklist to help you ensure that your award is ready for closeout.
Are the salaries of key project personnel properly charged to this account in accordance with the level of effort proposed to the awarding agency? All other salaries should be expensed or encumbered through the payroll system at this point.
Are any expenses outstanding? Verify departmental encumbrances against SAP/BW records and track all outstanding items. Remind all project personnel to submit any last minute expenses so that these are processed before the end date of the award.
Notify Telecommunications to discontinue charging long distance access codes to this account as of the end date of the award.
Verify that all required cost sharing has been met and properly documented.
Are subcontract obligations complete? Remind subcontractors to submit final invoices within 45 days of the end date of this award.
Notify Property Management if this award has a fabrication that is now complete. Fabricated assets should be converted to capital assets before the award is closed out. If this award has Federally-owned or Government-furnished equipment, Property Management will complete the required property reports and coordinate final disposition instructions with the Federal Government.
Research Accounting will submit the final financial after verifying the ending balance with your department. The Office of Sponsored Programs will contact you regarding non-financial final reports.
Any overexpenditure must be resolved before the award can be closed.
No Cost Extensions
If you are planning to request a no cost extension, contact the Office of Sponsored Programs right away to initiate the extension process.
Noncompliance with award closeout policies, including late submission of financial status reports, may jeopardize future funding from sponsors.