Financial Closeout

Financial Closeout is a shared responsibility between Sponsored Programs Post-Award 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).

Sponsored Programs assists with X-Train reporting as needed.

All financial reports must be reviewed and approved by someone within Sponsored Programs Post Award. Principal Investigators are not allowed to submit financial reports without the approval of SP-Post.

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.

Non-Financial Closeout

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

Sponsored Programs assists with X-Train reporting as needed.