Project Closeout Checklist for SFS - Financials

Timing and tasks for SFS office when closing project financials

Sponsored Financial Services (SFS) is responsible for preparing and the timely submission of final financial reports on behalf of the university. This activity includes certifying that expenditures are in compliance with the terms and conditions of the agreement.

    Checklist for Sponsored Financial Services (SFS) Staff

    SFS staff members follow the checklist on this page, which involves partnering with units to manage sponsored activity.

    Note: If you manage sponsored activity within a department, you assist in this process according to the Project Closeout Checklist for Unit/Principle Investigator - Financials.

    • 90 days prior to expiration
      • Systematic notification of expiring accounts to departments.
    • Upon expiration
      • Second systematic notification of expired accounts to departments.
    • Resolve outstanding questions, issues, or concerns with transactions or otherwise.
    • Review cost share commitment and cumulative activity (i.e., determine that commitment is met).
    • Review
      • Generally unallowable or normally indirect expenses.
      • Federal unallowable activity.
      • Restricted activity (agreement or agency).
      • Activity in final months prior to expiration.
      • Pre- and Post-Term activity is compliant.
    • Ensure the following
      • Outstanding assets and liabilities (e.g., travel advances or prepaid expenses) are cleared.
      • Encumbrances are cleared.
      • Equipment fabrication is capitalized.
      • Subcontracts have been invoiced in full.
      • Enter final fiscal report sent date in RASS.
      • Program Income Account balanced, if applicable.
    • Send notification to department regarding questions
      • Generally unallowable expenses.
      • Pre- or Post-Term activity.
      • Current budget balance.
      • Restricted activity (agreement or agency).
    • Balance project accounts according to the project closeout
      • Write off true overdraft, if applicable.
      • Balance budget and revenue.
    • Submit Final Invoice/Final Financial Report
    • Inactivate Award in KFS.
    • Close project accounts in KFS once balance is zero.
      • Control account will remain open if agency receivable exists.