An award closeout is the final reconciliation and reporting of expenses and activities. This involves reviewing project expenditures, resolving open commitments, collecting subrecipient documents, and preparing required final reports and deliverables for submission to the sponsor.
An automated notification from Contracts and Grants Accounting (CGA) will be sent to departments 45 days prior to the award end date that the award is coming to an end.
Departments should then determine whether to request a No Cost Extension (NCE) or carryover.
If the sponsor has pre-approved an NCE or carryover, then a confirmation from the departments should be sent to CGA via email.
If the determination is to complete the research by the specified end date and an extension is not necessary, the department will finalize the project and prepare any final reports. The notification contains instructions on completing the financial review and Final Reporting Certification. Once the review and Final Reporting Certification are completed, CGA will prepare the financial report for federal awards and the department will prepare the financial report for non-federal awards and submit to CGA for review.
Departments need to ensure that all financial transactions are recorded properly and timely on the general ledger and review all charges for allowability, allocability and reasonableness. Any surplus/deficit balances will need to be cleared.
CGA will inactivate the award in RAS for expired award accounts within 120 days of the budget period end date.
Departments need to clear any overdrafts before the filing of the final financial report.
CGA will move overdraft or unallowable costs to a department designated discretionary fund if the Department has not cleared the amount in a timely manner.
CGA will pursue collection on outstanding A/R balances and refund the sponsor on credit balances per award terms and conditions. For more information, see Billing and Collections procedures.
- Financial Reporting and Closeout of Federal Awards - Accrual Validation Guidance
- Financial Reporting and Closeout of Federal Awards - Payroll Expense Transfers and Accruals
- Financial Reporting and Closeout of Federal Awards - Non-Payroll Accruals
- How to Complete the Financial Reporting Certification Form in PeopleSoft RAS
- Financial Reporting and Closeout of Federal Awards
- Example of a Notification of Award Termination