Units or principal investigators assist in the financial closeout of projects. Sponsored Financial Services (SFS) is responsible for preparing and the timely submission of final financial reports on behalf of the university.
Review the need for an extension.
Submit a request through the Office of Sponsored Programs (OSP) if a no-cost extension is needed and warranted to complete the project. Note: An extension request may not be approved. It is important to keep in mind that the planned activities below must still be resolved timely if the extension request is not approved.
Contact SFS if the expiration date requires correction based on the agreement.
To prepare for closeout, review the following.
- Agreement to ensure that award activity is in accordance with terms and conditions.
- Review for restrictions (e.g., salary caps, budget variance threshold, participant support costs, etc.)
- Any contractual concerns and contact OSP if identified.
- e.g., prior approvals that may have been required but weren’t sought (example: if all travel required agency approval)
- Outstanding questions, issues, or concerns with transactions and resolve as appropriate.
- Labor plan, take action to alter appointments or costing allocations as needed.
- Non-compensatory payments (e.g., subsistence payments for visiting academics, interns, etc.).
- Ensure proper appointments and disbursements are made.
- Make sure contemporaneous documentation of program participants exists.
- Procurement plan, including equipment that is funded by the award.
- New purchases should benefit the project during the period of performance.
- Recurring charges or contract orders should be cancelled or revised as needed.
- Open encumbrances should be cleared, or on target to be cleared.
- Outstanding assets and liabilities (e.g., travel advances or prepaid expenses).
- Cost share commitment and cumulative activity (i.e., determine that commitment will be met).
- Pre-award costs and if applicable, ensure compliance or remove transactions.
- Program income activity and take appropriate action as needed.
- Transactions for unallowable expenses, such as normally indirect transactions.
- Review labor plan, take final action as needed.
- Submit costing allocation changes in Workday, refer to pay calendars for appropriate deadlines.
- Contact subcontractors to request final invoice, if applicable.
- Review actual and projected expenditures. If cost transfers are required, ensure compliance with the cost transfer policy: University Policy 3.20, Cost Transfers on Sponsored Agreements.
- Resolve outstanding questions, issues, or concerns with transactions or otherwise.
- Notify faculty, staff, and students using the project account and inform them that it is no longer valid as of the project's expiration date.
- Notify on-campus billers (e.g., Service Facilities, CIT) of account changes.
- Cancel or revise recurring charges or contract orders.
- Process final invoice for subcontracts, purchase orders, or other transactions.
- Review cost share information with SFS, if applicable.
- Provide final cost share expenditures.
- Review any questions or concerns related to required match.
- Clear program income account, if applicable.
- Clear assets and liabilities (e.g., travel advances or prepaid expenses).
- Clear encumbrances.
- Review items charged to the account after the termination date to ensure they were incurred and utilized within the period of performance.
- Correct post-term transactions (incurred outside period of performance).
- Notify SFS of a true overdraft, providing the funding account.
- SFS will clear the true overdraft to a cost share sub-account.
- Capitalize fabricated items.
- Ensure that all unallowable or normally indirect expenses are addressed as needed.
- Complete cost transfers that must be recorded in the general ledger no later than 30 days prior to the deadline, or, if no financial report is due, no later than 60 days after the expiration date of the award, for submission of the final fiscal report and closeout. For additional guidelines, please refer to University Policy 3.20, Cost Transfers on Sponsored Agreements.
- Ensure the principal investigator has submitted, or will submit, required technical reports by the due date. Indicate sent dates in the RASS.