Listed below are various activities associated with closing out a sponsored project or award. There are usually reporting obligations to the sponsor, financial reconciliations, forms and reports for the institution, and account closeout tasks which must be completed.

 

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Account Review

Approximately 45 days prior to the end date of a project, the PI should evaluate all account charges for accuracy and compliance. The PI should also identify all remaining project expenditures that will be incurred prior to the end date of the project period. This process will facilitate an accurate spend down of the remaining balance and timely account closeout. 

Contact your unit Business Manager if you require assistance reviewing account expenditures, calculating the remaining account balance and/or remaining project expenditures.

Final Invoice and Reporting Requirements

A final invoice or financial report must be submitted to the sponsor by the due date set within the NOA/award document. A final invoice bills the sponsor for final expenditures incurred prior the end date of the project. Timely account review ensures a final invoice can be sent to the sponsor by the due date. The Grants Accounting department is responsible for preparing official invoices and transmitting them to the sponsor. 

If a grant account is in a deficit, it is the responsibility of the PI and the unit Business Manager to analyze account expenditures and to correct the deficit prior to the preparation and transmission of the final invoice. Any deficit that is the result of cumulative expenditures being greater than the total award will be the responsibility of the PI and/or department. 

In addition, expenditures incurred outside of the project period cannot be included in the final invoice and will become the responsibility of the PI and/or department. 

Typically, reporting requirements are outlined in the NOA/award document.  Sponsors normally require a final narrative report (prepared by the PI) and a final financial report (prepared by the Grants Accounting department). Certain sponsors and federal agencies require the PI to complete additional final reporting tasks before closeout is complete (e.g. invention disclosure, equipment report, etc.). All required reporting documents need to be submitted to the sponsor no later than the due date outlined within the NOA/award document. 

Disabling a Grant Account

Grants Accounting is responsible for disabling all grant accounts in the 向日葵视频Financial System.