The last 90 days of an award is an important period for closeout preparation. Expenses must be reviewed for allowability, allocability and reasonableness, final charges must be posted, and recurring charges must be redirected to other accounts.
Award closeout is a combined effort between the Principal Investigator (PI), the Grants and Contracts Administrator (GCA), and Office of Sponsored Programs (OSP).
In the 90 days before the project ends, the PI should follow the steps below to prepare for the clean close of a project:
- Notify the CGA immediately if a project is expecting an amendment/modification or a No Cost Extension (NCE)
- Review and verify the accuracy of all expenditures, such as cost transfers, travel or Accounts Payable (AP) check request expenditures
- Notify lab managers to finalize all project spending. Communicate with the GCA to update all appropriate share resources/service centers (e.g. DLAR, SMiF, LabVantage, Cell Culture).
- Prepare the Final Progress Report and Final Technical Reports for submission to the sponsor
The PI is responsible for preparing and submitting the technical reports to the sponsor. Specific final report requirements are usually included in the sponsor’s terms and conditions or other award documents. These requirements vary from sponsor to sponsor.
The GCA will help make sure all internal forms and documents have been completed properly and accurately. OSP will review the documents and forms, then submit the Final Financial Report (FFR) to complete the University’s financial obligation to the sponsor.