Closing Out a Project
The last step in a grant or contract’s life cycle whether cost reimbursable or fixed price is project closeout. The key feature to any close is the submission of all technical, financial, and other reports as required to the sponsoring agency on time.
For most all federal grants and contracts final reports are due no later than 90-calendar days after the expiration date of the award.
For non-federal awards (i.e. state, industry, non-profits) the closing procedures vary, depending on the policies of the sponsor. Most often final reports have a shorter timeline than the federal rule.
The myUFL system will deliver early notification emails to the PI and the PI’s Grant Administrator at 90 (example), 45 (example), and 0 (example) days prior to the award’s expiration a date. The reminder’s ask the PI to review the project and take appropriate action (i.e. finish on time or request a no cost extension).
Fixed Price Close Outs
For fixed price awards including clinical trials the residual funds remaining at the end of the contract need not be returned to the funding agency. C&G Accounting has final approval to allow the direct component of the residual to be transferred to the PI’s Miscellaneous Donors project. C&G Approval is obtained through the fixed price closeout process.
The Fiscal Close
The fiscal close of a project is a shared responsibility that involves the PI, the department fiscal staff and Contracts and Grants Accounting. The fiscal closeout involves a review of expenditures to ensure they have been clearly made within the award’s period of performance, the close of encumbrances, the removal salary distributions, verification that subcontractor’s final invoices have been received and paid, a review that ensures all cost sharing has been accounted for, and finally where necessary removal of any unallowable costs, including over expenditures.