Financial Closeout

Financial Closeout is a shared responsibility between Post Award Financial Operations and Departmental Administrators working with their Principal Investigators. Typical Financial Closeout Reports include: Final Invoices, Final Financial Reports, Property Reports, Contractor Assignment and Release Forms, and Subcontract Plan Reports (Small Business Reports).

Post Award Financial Operations and Sponsored Programs both assist with X-Train reporting as needed.

All financial reports must be reviewed and approved by someone within Post Award Financial Operations. Principal Investigators are not allowed to submit financial reports without the approval of PAFOPost Award Financial Operations PAFO assists faculty and ....

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. NIH will initiate unilateral closeout – i.e. closeout without receipt of acceptable final reports – for all awards that fail to meet closeout requirements within 120 calendar days so it’s very important to meet closeout deadlines.

Here’s a quick checklist to help you ensure that your award is ready for closeout.

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, properly documented, and funded.
Notify Property Management at 617-353-4555 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, the Property Administrator will coordinate final disposition instructions with the Federal Government and the PAFO RAResearch Administrator A sponsored programs team member w... will complete the required property reports.
Research Accounting will submit the final financial after verifying the ending balance with your department.

If you are planning to request a no-cost extension, contact 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.

You can find more information on No Cost Extensions on our training page, including rules by sponsor and frequently asked questions.

Are any expenses outstanding? Verify departmental encumbrances against SAPBoston University’s financial system/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.
Any over-expenditure must be resolved before the award can be closed.
Are the salaries of key project personnel properly charged to this account in accordance with the level of effortThe term Effort is used for persons charged to Sponsored Res... More proposed to the awarding agency? All other salaries should be expensed or encumbered through the payroll system at this point.
Funds received for fixed price, active research projects are restricted for the duration of the study and will be used for the support of that research project. Boston University expects that Faculty and Departments will direct charge all expenses including, but not limited to, personnel, fringe benefits, lab supplies, and subawards. After the completion of a research project, if payments exceed expenditures, a portion of the remaining residual funds will be transferred to the Departments’ Unrestricted account if the following conditions are met:

  • Total Funding Received exceeds Total Expenditures
  • Sponsored agreement is Fixed Price
  • All deliverables have been met
  • In the signed agreement, the sponsor does not require the return of residual funds

If the above conditions are met, Boston University will distribute residual funding once indirect costs are removed from the remaining cash balance at the current negotiated F&A rateFacilities and Administrative Rate Learn more about facil... when the account enters residual status.

Funds from a residual research account may be used to support ongoing research projects and research-related activities at Boston University. All expenditures must be consistent with policies and procedures established by Boston University.

Are subaward obligations complete? Remind subawardees to submit final invoices within the timeframe specified in the agreement.

Non-Financial Closeout

Non-Financial Closeout is a shared responsibility between Sponsored Programs and Departmental Administrators working with their Principal Investigators. Typical Non-Financial Closeout Reports include: Final Technical or Progress Report, Invention/Patent Statement, and FFATA Reporting.

Post Award Financial Operations and Sponsored Programs both assist with X-Train reporting as needed.