Closeout
Closeout is a critical stage in the grant life cycle. Preparing early - typically 90 days before the award end date - helps ensure accurate financial reconciliation, timely reporting, and compliance with sponsor requirements. Early preparation also gives PIs time to determine whether a no-cost extension (NCE) is needed.
If your award is from NIH, it may be subject to Streamlined Noncompeting Award Procedures (SNAP). SNAP applicability is identified in the notice of award (NOA). NIH provides detailed closeout requirements; see Closing a Grant from NIH.
90 Days Before Award End Date
Grants & Contracts Accounting (GCA) initiates the closeout process approximately 90 days before the project end date. GCA will send the PI a 90-Day Review Notice and Checklist. Upon receiving this, the PI should:
- Review expenditures and outstanding commitments
- Notify OSP immediately if a no-cost extension will be requested
- Begin preparing for all required technical and administrative closeout steps
PI and Department Responsibilities
If the PI is ready to close the award, the following must be verified and completed:
- All costs are appropriate and allowable, and all transactions have posted
- Restricted categories are spent in accordance with the NOA
- F&A charges are posted correctly
- Cost-sharing commitments are fully documented (if applicable)
- Program Income is properly accounted for (if applicable)
If the award includes subawards, GCA works with the PI to ensure the subrecipient submits its final financial report so the University can complete accurate final reporting.
GCA manages the processes for overspent awards and remaining balances on fixed-price awards.
Closeout Deliverables
Depending on the sponsor, the closeout package may include:
- Final Financial Status Report (FSR)
Prepared and submitted by GCA within the timeframe required by the sponsor (typically within 90 days of the award end date).
If GCA cannot meet the deadline - for example, because a subrecipient has not submitted their final report - GCA will need to notify the sponsor and provide an explanation. - Patent/Invention Report
Prepared and submitted by the Technology Licensing Office (TLO). See Final Patent/Invention Reports for instructions. - Property Report
Prepared and submitted by Property Accounting.
Before closeout, verify whether the University holds title to equipment. If the equipment title remains with the sponsor or is conditional or determined at closeout:- Request an equipment report from Property Accounting
- Review percentages charged to the project
- Determine whether costs must be moved to ensure appropriate ownership
- Discuss disposition options (transfer, loan, or reassignment) with the sponsor and Property Accounting
- The PI should work with Property Accounting to ensure equipment loans are renewed annually when required.
- Final Technical Report
Prepared by the PI and submitted according to sponsor instructions. If a sponsor requires an authorized official's signature or an institutional submission, the PI must coordinate with OSP.
Read more on how to submit Final Technical Reports. and RPPRs.
Subrecipient Closeout
When a project includes a subaward, the subrecipient is subject to the same closeout responsibilities as the prime awardee. The subrecipient must provide all reports and documentation necessary for the University to meet federal and sponsor-specific closeout deadlines.
Required Subrecipient Closeout Documents
The subrecipient is required to submit the following no later than 60 days after the end of its period of performance, unless the prime sponsor imposes a shorter deadline.
- Final Invoice
- Must reflect all allowable and allocable project costs
- No additional charges will be accepted after the 60-day deadline unless approved by OSP.
- Final Technical/Performance Report
- Must be submitted in writing to the PI, unless a documented exception has been approved.
- The PI is responsible for reviewing and approving the subrecipient's report and retaining a copy to support the University's final technical report to the prime sponsor.
- Patent/Invention Report
- Disclosing any inventions or confirming that none were developed under the award.
- Property Report
- Detailing government-titled property or equipment purchased under the subaward.
