Closeout

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. 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. 

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 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. For most federal awards, all reports are due within 90 calendar days of the award end date.

Follow the link below for complete policies and procedures.

OBFS Section 16—Closeout

Highlights

Use this table to determine who is responsible for each task or deliverable required for the closure of a sponsored project. Please note that not all actions will apply to all projects.

Closeout Task or Deliverable

PI/Unit Business Office Responsibility

SPA Post-Award Responsibility

Affected Deliverables

Confirm with funding agency that project is indeed ending

X

 

  • Closeout completed within required period

Review award expenditures—ensure costs are allowable, allocable, reasonable, and consistent with the terms of agreement

X

X

  • Financial report

  • Final invoice or cash draw

Review and approve sub-recipient final invoice and reports

X

X

  • Financial report

  • Final invoice or cash draw

  • Final technical report

Resolve overdrafts

X

 

  • Financial report

  • Final invoice or cash draw

Review who has spending authority and notify individuals to stop processing charges to the project

X

 

  • Collect P-cards

  • Close recurring charges 

  • Close standing orders (for example, POs for lab supplies)

  • Close or transfer payroll encumbrances

Finalize all related forms and reports

X

X

  • Final property report

  • Contractor’s release form

  • Final technical report

  • Final invention report

  • Final patent certification

  • Final cost sharing report

Prepare and submit final financial report

 

X

  • Closeout completed within required period

Collection of outstanding receivables

 

X

  • Closeout completed within required period

Return unexpended balance per final report

 

X

  • Closeout completed within required period

Close sub-award/consultant encumbrances

 

X

  • Closeout completed within required period

Prepare and process closing entries

 

X

  • Closeout completed within required period

Sponsored Project Closeout Checklist