Research OSPA:Close Out Project

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Close-Out of aProject

Purpose

An award is closed out when it is determined that no further date or funding extensions are provided. Close-out refers to the activities that end an active Sponsored Project. The close-out process for sponsored projects is a post-award activity and is handled jointly by Post-Award Management, Accounting, and Financial Reporting.

Procedure

There are several tasks that the PI, administrator, and OSP performs to end the award the Sponsored Project. The following table highlights the remaining close-out activities.

Project Close-Out Checklist
Task Completed Y/N
From -90 Days to Project End Date
Changes that need processing
Prepare HR appointments from grant to other, as appropriate  
Expenses related to the project
Ensure that all project-related expenses are posted  
Confirm that salaries are charged according to the budget or within sponsor permitted re-budgeting authority  
Ensure any committed cost sharing is incurred and appropriately documented  
Identify and remove unallowable expenses  
Clear overdrafts, program advances, etc.  
Process necessary cost transfers (IDT Journals, Labor Distributions)  
Remind subrecipients to submit final invoices and reports by due dates  
Identify outstanding invoices from vendor and purchases that have not arrived  
From Project End Date to +45 days
Changes that need processing
Ensure no active appointments are associated to the expiring grant  
Change PCARD default Cost Center  
Notify any other users of the fund that project has ended  
Expenses related to the Award
Ensure that all project-related expenses are posted  
Confirm that all facilities and administrative costs are assessed  
Close or change Purchase Orders  
Remove unallowable after-term charges  
Confirm subrecipients final invoices are paid  
Confirm all adjusting financial entries are posted, including removal of overdrafts  
From +45 days to + 90 days
Reporting related to project
Confirm that PI has met technical reporting requirements/deliverables  
Confirm that financials and cost share reporting requirements are met

OPM monitors end dates of Projects to make sure the close-out process is commencing after the grant deadline. Monitoring is done to ensure all expenses have cleared and have been billed for.

  • Valid expenses have 45 days to hit the award after its end date and billed to the sponsor.
  • When all invoices are paid and necessary final financial reports are filed with the sponsor by the Office of Finance (no later than 90 days or sooner if the contract requires) the sponsored project is considered closed by OPM.
  • No additional notice is sent from OPM to Finance and the close-out is automatic based on the end date of the award+ 90 days.
  • Any overages are sent to the department so it can complete an IDT to remove those expenses from the grant.
  • Post-Award then changes the bill plan and revenue plan to “completed” in order to change the contract line to “closed”. The project status is also changed to “closed”.
  • OPM indicates on its weekly spreadsheet which grants have been processed through the close-out process as reference for the Office of Finance. The information includes:
  • Name of PI
  • Project number
  • Cost center
  • How much is left in the budget
  • If the grant is monthly reimbursable, the Office of Finance does not need to move any funds.
  • If the grant is deferred revenue, OPM indicates, in compliance with the award, whether the PI can keep any unspent funds or not.
  • If the PI can keep the funds, Finance transfers the unspent funds to the cost center indicated by the department.
  • By default, federal sponsors require the unspent funds be sent back. Finance processes a check and send it to the sponsor.

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Related Policies and Procedures

Allowable Cost on federally funded Contracts and Grants [guidelines:opm:funding_cost_share Funding Cost Share - Procedure] [guidelines:opm:cost_transfer Cost Transfers - Procedure] If you have any questions regarding this procedure, contact Office of Post Award Management at ext. 4540 or via email at kellymc@utdallas.edu Issued: June 2015

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