Project Close Out
A closeout is the final reconciliation and reporting of expenses and activities of the award.
This involves reviewing project expenditures, resolving open commitments, collecting subrecipient documents, and preparing required final reports and deliverables for submission to the sponsor including:
- Financial Reports/Invoices
- Scientific/Technical Reports
- Milestone Deliverables
- Invention/Property Statements
Timeliness of final reporting is crucial to ensure compliance with sponsor requirements.
Typical deadlines are outlined below:
|Award Type||Reporting Due Date|
|Federal||90 calendar days after expiration|
|Federal Pass-Through||45-60 calendar days after expiration|
|Private/Other/State||See Contract – Deadlines vary and may be earlier.|
Project funds should be closed out in a timely way to satisfy obligations to the sponsor and university accounting. OMB circular A-110 details the university’s requirements for a complete and timely submission of financial reports and other documents necessary for the closure of federal grants and contracts. Regardless of the funding source, however, a sponsored project will likely have close requirements consisting of final technical, programmatic or financial reports.
The PIs and the Grant Accountant will work together to ensure that all expenses have posted to the project and all available funds have been drawn down in an allowable fashion. Any forms regarding payroll, travel or purchasing must be completed and submitted before the termination date of the award.
The PI is responsible for submitting a technical or programmatic final report in accordance with the requirements of the funder. (The OSPR must receive copies for the official grants file.) The Grant Accountant will submit the final financial report, also ensuring copies are distributed to the OSPR.
Inventions/Intellectual Property must usually be disclosed in the final reports provided they were made or created during the work on that project.
The funder should then send a letter confirming receipt of all close out documents to the PI/OSPR/ESU and this will be added to the official file and the file will be considered closed.