Introduction to award/account closeouts

Closeout is the process whereby ASU submits financial, technical, equipment, invention, and other reports confirm for the sponsor that the work under the award has been completed.   

Closeout is a joint effort of the PI, Unit Administrators, and ORSPA. Each has responsibility for certain activities that need to be done to meet the requirements of the grant. Under Uniform Guidance (2 CFR Part 200), the final technical and financial reports must be submitted within the 90-day period following the end date of the grant. NIH and NSF allow 120 days. Other exceptions to the policy will be noted in the terms and conditions which accompany the award and/or in the sponsoring agency’s grants award guidelines.   

ORSPA responsibilities

AMT will send a notification to the unit 90 days prior to the end of the award termination date. This will trigger the award/account closeout process in the unit.

AMT GCO’s will closeout awards/accounts in accordance with WI-CP-10 and WI-CP-20.

Unit responsibilities

Begin the process no later than 90 days prior to the end of the period of performance. 

• Determine with the PI whether additional time will be needed to complete the work.
  • In the event a no cost extension (NCE) is needed to complete the work, it should be requested in accordance with sponsor and ASU guidelines. If the sponsor approves the request, ORSPA AMT will extend the account and the unit should continue to monitor and reconcile the account until the new expiration date approaches.
  • If the sponsor does not approve the extension, the scope of work must be completed within the period of performance on record.
• Provide PI with the due dates for final report and any other deliverables under the award.
• Ensure all expenses are allowable.
• Seek sponsor approval for expenses which should have been preapproved or transfer the costs off the account.
• Reconcile all accounts related to the project (parent, child, cost sharing companion, program income, etc.).
• Forecast expenditures through the end of the period of performance.   Adjust spending plan, as necessary.

• Review personnel to determine status and actions to be taken.
• Advise the subawardees that the award is drawing to a close/provide a timeline for receiving the final invoice.
• Close out blanket orders and other encumbrances.
• Notify internal vendors/recharge centers of the date the account’s spending authority ends.
• Confirm that all effort reports have been certified.
• Verify and document that all 3rd party cost sharing has been fulfilled.
• Confirm with PI that the work is complete and that the final technical report has been submitted.

• File a copy of the final technical report in the account file set up at the beginning of the award.
• Address post-term expenses.
• Remove deficits from the account using the cost transfer process.
• Notify the assigned GCO  when the account is ready to close.
• Retain audit documentation for both financial and technical requirements under the award. 

Record retention

Records related to technical and financial information for a sponsored project must be kept or “retained” electronically and/or in paper format, depending on the type of document. Retention periods vary according to different types of documents. For additional information, see the Sponsored Projects Records Retention Schedule.

Audit

There should be no need for any additional explanation of any transaction or event beyond what is already on file as part of the transaction. File documentation should reflect responsible spending of the funds to which ASU has been entrusted. Complete and accurate information also facilitates audits and mitigates the risk of financial exposure for ASU. For additional information, see the Audit Readiness on the Financial Accountability page.