There 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.
Final Invoices and Reports
Upon project termination, the Research Office will review the account and work with the PI to determine the final figure to be reported to the sponsor on the financial report or final invoice. In most cases for federal awards, final financial reports must be submitted within 90 days from the award end date, and within 60 days for final invoices. Non-federal deadlines may vary by sponsor. To meet sponsor deadlines there needs to be clear and timely communication between the PI and the Research Office.
Adjustment charges refer to costs incurred after the termination date of a project/award. The adjustment and reconciliation of charges must be completed in a timely manner after award end to ensure closeout deadlines are met.
Any charges posted after the termination date will need to be reviewed and justified for allowability if they are included with the final financial report or final invoice.
Deficits occur when cumulative expenses exceed the amount awarded by the sponsor and could be considered voluntary uncommitted cost sharing. It is the responsibility of the department/unit to transfer deficits out of sponsored awards promptly and no later than 3 months after the termination date.