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Procedure: 8-65

Effective: July 1, 2002

Owner: Office of Sponsored Programs

Latest Revision: July 1, 2002

Account Closeout

Procedure Steps

Scope | System References | Policy | Responsibility | Distribution | Ownership

Scope

This procedure covers the closeout of sponsored program awards.

System References [Top]

Closeout Letter

Policy [Top]

VIII.A.2 - Grants and Contracts: Responsibility of Office of Sponsored Programs

Responsibility [Top]

The Director of Operations and Accounting in the Office of Sponsored Programs is responsible for ensuring the timely and comprehensive closeout of sponsored program awards.

Distribution [Top]

Principal Investigators
Sponsored Programs Account Create Manager
Sponsored Programs Assistant Director of Research Accounting and Compliance
Sponsored Programs Accountants
Departmental Administrators
School Administrators

Ownership [Top]

The Assistant Vice President for Research Administration is responsible for ensuring that this procedure is necessary, reflects actual practice, and supports University policy.

Procedure Steps [Top]

Prudent financial management of sponsored accounts includes timely and accurate reporting and account/award close out. Approximately 30 days after the project ends the OSP grant accountant will contact the department regarding the status of the account. The administrator should ensure that all project costs are appropriately charged to the account. It is also important to review all costs and clear those which are unallowable or inappropriate for this account. See the complete detail closeout checklist below.

Deficits

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 to transfer deficits out of sponsored awards promptly.

Project/Award Closeout Checklist

1.
Send 'heads up/warning' notification email to the following individuals:  
   

Principal Investigator

 
Fiscal Contact  
School Administrator  
   
2.

Closeout Letter goes out 30 days after Project ends. The letter is due back within FIFTEEN DAYS.

 
   
3.
If the memo is NOT returned within 15 days, send a 2nd notice. Copy the School Administrator on this 2nd notice.  
   
4.
If still no response after 30 days, elevate to the Director of Operations and Accounting, and contact the relevant Associate Dean and Department Chair.  
   
5.

Once letter comes back from department:

 
a. Accountant will change status on Award to ON HOLD, if applicable.
b. Accountant will change status on Project to ON HOLD.
   
At this time, accountants will verify the following information on grants, where applicable:
   
NOTE: ITEMS 3-15 REFER TO
ACTIVITY ON PROJECTS
 
   
6.

All Purchase Orders and Payment Vouchers have been processed.

 
   
7.

Final subcontract invoices have been processed and paid, if applicable.

 
   
8.
All commitments/encumbrances have been paid or cancelled.  
   
9.

All expenditures have been reviewed for CAS compliance, if applicable.

 
   
10.
All expenditures have been reviewed to ensure that processing and expenditure item dates are correct.  
   
11.
All expenditures have been incurred based on the sponsor award budget.  
   
12.

All F&A Costs been reviewed and adjusted if needed.

 
   
13.
All deficit balances have been appropriately transferred and recorded as cost share when appropriate.  
   
14.
Prepare Form 10B to request Budget Reduction/Carryover etc. if necessary.  
   
15.
All expenditures have been invoiced, processed and paid.  
   
16.
All Financial Closeout Reports/Documents have been filed and accepted.  
   
17.
Prepare 10B Form to request Budget Amendment if needed.  
   
18.
Total Funding Amount, Net Revenue, Invoiced Amount, Cash should all be the same.  
   
20.
Request PROJECT status to be changed to CLOSED.  
   
21.
Request AWARD status to be changed to CLOSED, if applicable.  
 

End of Activity

 


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