Award Closeout

The following guideline pertains to awards for which the Office of Sponsored Programs (OSP) is required to submit final administrative materials (invoice, fiscal and patent reports, etc.) within the federally required 120 days after the end date, and to fixed price awards. The time frame may change if a sponsor has different requirements.
 

Sixty to ninety days before an award ends, the sponsored program officer will contact the principal investigator (PI) with a list of steps that need to be completed to ensure orderly award close-out. The PI responsibilities include:

• ensuring that all personnel are moved to another grantor a department funding source by grant end
• ensuring all required cost sharing is documented
• reviewing outstanding commitments and informing the Grants Shared Services Center of those that can be relieved
• reminding subcontractors that a final invoice must be submitted within 45 days of the subcontract end date
• ensuring that all costs are incurred by the grant end date
• resolving any potential over expenditures
• completing final technical report or other award deliverables
• settling cash advances, including final invoices and the return of unspent cash

Department Chairs are informed if there is likely to be significant award over-expenditure.

Costs will continue to post to the grant for up to 60 days after the end date e.g., final month’s payroll, payments for orders placed close to the end date, etc. During this time, the PI and department can also make any cost transfers necessary to correct errors or reduce over expenditures.

Sixty days after the end date, the grant will be closed to further activity and OSP Fiscal Services will prepare the final invoice to the sponsor, as well as any required fiscal and administrative reports (e.g., patent and property reports).

Within 30 days after the final invoice is submitted, OSP Fiscal Services will transfer any over-expenditures to the appropriate cost centers. 
 

During the 120 days before the end date of a sponsored award, the Principal Investigator should begin to work with the department, college grants office (if applicable) and the sponsored program officer to ensure that all grant costs have been posted. Sixty days after the end date, the grant will be closed to further activity and ERIK Sponsored Fiscal Operations will complete a final financial reconciliation to determine the remaining balance. 

If the remaining balance is greater than $300, a Residual Balance Transfer Request will be initiated by ERIK Sponsored Fiscal Operations.  Balances that are both 25% or more of the total funding received and $10,000 or more require a detailed justification from the PI of why a significant balance remains. The request will be routed to the Principal Investigator, the senior fiscal officer of the PI’s college/unit listed on the PA-005, then routed for the approval of ERIK’s AVP for Finance and Business Administration. The process has an anticipated completion timeline of less than 30 business days from submission of the Residual Balance Transfer Request.

Awards that end with a residual balance of 25% or more and $10,000 or greater where F&A was reduced or waived may be assessed full F&A on the residual amount. Direct costs will be returned to the cost centers listed on the PA-005 and F&A will be sent to the Controller’s Office via the normal F&A return process.