Closeout Award
Description
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.
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 Responsibility | Award Management Responsibility | Affected Deliverables |
|---|---|---|---|
| Confirm with funding agency that project is indeed ending | X |
| |
| Review award expenditures—ensure costs are allowable, allocable, reasonable, and consistent with the terms of agreement | X | X |
|
| Review and approve sub-recipient final invoice and reports | X | X |
|
| Resolve overdrafts | X |
| |
| Review who has spending authority and notify individuals to stop processing charges to the project | X |
| |
| Finalize all related forms and reports | X | X |
|
| Prepare and submit final financial report | X |
| |
| Collection of outstanding receivables | X |
| |
| Return unexpended balance per final report | X |
| |
| Close sub-award/consultant encumbrances | X |
| |
| Prepare and process closing entries | X |
|
Sponsored Project Closeout Checklist
No-Cost Extension
A no-cost extension is an extension of time to a project period and/or budget period to complete the work of the grant under that period, without additional funds or competition.
A no-cost extension CANNOT be exercised merely for the purpose of using unobligated balances. The justification letter should include the length of the extension and the plans for completing the project. The amount to be carried forward may also be required.
Learn more about requesting no-cost extensions from specific sponsors: