Closing An Award

This section deals with Award Closeout procedures.

The Principal Investigator is responsible for filing the final technical report in accordance with the schedule contained in the award document or in the sponsor's published regulations. The Office of Research Services (ORS) (in conjunction with the PI) is responsible for submitting the final invention statement. ORS is responsible for having either a copy of the technical report or a copy of the sponsor's verification of receipt of the report and recording it into PeopleSoft as a deliverable. The Sponsored Accounting Office (SAO) is responsible for filing the financial report, the property accounting report, and other required close-out documents, if applicable.

If an "unexpended balance" of funds remains on the account at the close of the project, the disposition of the balance will be in accordance with the sponsor's policies and regulations.

If there is an "overdraft" in the account at the end of the project, it is the responsibility of the principal investigator and the department to work with the Sponsored Accounting Office to resolve the shortfall of funds.

Requests for "extensions" or "supplements" must be addressed to the sponsor through the Office of Research Services.

MCR-Award Closeout-Flowchart.jpg (click image to enlarge)

Timeline for Closing Out Awards

0 to 15 days after expiration The PI should notify the Service Center if any transaction that actually occurred during the period of performance has not posted. The Service Center will work on resolving this issue and will prepare the appropriate memo-to-file explaining that the costs actually occurred within the period of performance.
15 to 30 days after expiration The PI and the Service Center will review all transactions on the award and prepare any needed adjustments. The Service Center will remove any overdraft to the PI’s IDC rebate account or research fund.
30 days after expiration SAO will prepare the Final Financial Worksheet and send it to the PI and the Service Center.
30 to 45 days after expiration The Service Center will modify and correct the Final Financial Worksheet, have the PI approve and sign it, and return it via fax and campus mail to SAO. The PI will submit any technical progress reports to SAO/Sponsor, depending on the language in the award.
After 60 days SAO will submit the final invoice to the Sponsor and once the final payment is received will formally close the award.

COLLECTING INVOICES

Submission deadline for most final invoices is within 45 - 60 days after the contract or subaward end date. (to facilitate submission within 90 days to Prime sponsor, e.g., NIH). Sponsor may NOT honor reimbursement on invoices submitted after 45-60 days.

FINAL EXPENSES

As part of the close out process, the Grant administrator needs to do the following (if necessary):

Notify internal service centers and payroll of an account change for future costs such as printing, telephone, postage and salary/fringe. Promptly transfer all erroneous charges, clearing deficits and post-term charges.

REPORTING

Upon the completion of an Award there are various reports that are required to closeout the grant. The financial and technical reports are prepared and submitted by various sources including SAO, ORS, Administrators, and the PI.

Financial Reports process (click image to enlarge)

--Financial Reports

Upon project termination, the SAO Financial Analyst will review the account and work with the Grant administrator to determine the final figure to be reported to the sponsor on the financial report or final invoice.

In most cases for federal awards, final financial reports and final invoices must be submitted no later than 90 days from the award end date. State and private agency deadlines may vary. To meet sponsor deadlines there needs to be clear and timely communication between the PI, department, the Grant Administrator and SAO Financial Analysts. SAO will submit the final financial report/invoice to the sponsor upon agreement with the local units on the final figure to be reported.

--Technical Reports

In accepting awards, the University is assuming responsibility for meeting all of the technical and financial reporting requirements of the sponsor. Specific interim and final report requirements are usually included in the sponsor’s terms and conditions or other award documents or in a policy guide or manual. These requirements vary from sponsor to sponsor.

The Principal Investigator bears responsibility for preparing and submitting the technical reports to the sponsor. It is SAO policy not to close out an award until we have received some form of confirmation that the PI has met the technical reporting requirements. The Office of Research Services (in conjunction with the PI) is responsible for submitting the final invention statement.

OVERDRAFTS

Overdrafts occur when cumulative expenses exceed the amount awarded by the sponsor and could be considered voluntary uncommitted cost sharing. If there is an "overdraft" in the account at the end of the project, it is the responsibility of the principal investigator and the Grant Administrator to work with the Sponsored Accounting Office to resolve the shortfall of funds.

Overdrafts Process (click image to enlarge)

Closing an expired account (cost center):  The Principal Investigator is responsible for filing the final technical report in accordance with the schedule contained in the award document or in the sponsor's published regulations.  The Office of Research Services (in conjunction with the PI) is responsible for submitting the final invention statement.  The Sponsored Accounting Office (SAO) is responsible for filing the financial report, the property accounting report, and other required close-out documents, if applicable.

If an "unexpended balance" of funds remains on the account at the close of the project, the disposition of the balance will be in accordance with the sponsor's policies and regulations.

If there is an "overdraft" in the account at the end of the project, it is the responsibility of the principal investigator and the department to work with the Sponsored Accounting Office to resolve the shortfall of funds.

Requests for "extensions" or "supplements" must be addressed to the sponsor through the Office of Research Services.