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 closeout is the on-time submission of all technical, financial, and other required reports to the sponsor.
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.
Project Ending, Reminders
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 date. The reminders ask the PI to review the project and take appropriate action (i.e. finish on time or request a no-cost extension).
Review expenditures to ensure all are reasonable, allocable, and allowable costs made in support of the performance of the project
Encumbrances are closed
Salary distributions removed
Verification that subcontractor’s final invoices have been received and paid
All cost sharing has been accounted for
Removal of any unallowable costs, including over expenditures.
Fixed Price Award Closeouts
For fixed price awards including clinical trials the residual funds remaining at the end of the contract need not be returned to the sponsor. 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.
Fixed Price Award Closeout Process
Sample Fixed Price Award Closeout Memo
Download the Sample Fixed Price Award Closeout Memo and provide the requested information. Once completed, return this document to the C&G Office within five business days of its receipt. Fax/email transmittals are acceptable.
Award Closeout Reports
Authorized Official Representative
Some sponsors require that final reports be signed by a UF Authorizing Official (AO). To obtain AO signature you may send your report to DSP at firstname.lastname@example.org or for College of Medicine Jacksonville, send to Research Affairs at Jacksonville.
All Financial Reports prior to AO signature must first be confirmed by C&G Accounting.
Final Technical Report
The Project’s Principal Investigator is responsible for timely submission of the final technical reports. Specific sponsor requirements for the technical reports are usually defined in the award package. When the report is completed, the PI may submit it directly to the sponsor. A copy of the technical report or proof of submission may need to be sent to DSP to satisfy a delinquent notification.
Final Fiscal Report
The final fiscal reports are due within 60-90 days after the expiration date of the award. The fiscal reports are prepared by Contracts and Grants Accounting. After the PI or designated staff are given the opportunity to review to make sure all expenditures are accurately recorded, C&G Accounting will normally submit to the sponsor with a copy sent to the PI or designated department fiscal staff.
For fiscal reports that require a certification of charges, C&G Accounting will provide the statement similar to the following; “I certify, to the best of my knowledge, that all expenditures reported are appropriate for purpose and in accordance with the agreement set forth in the application and award documents.”
Final Invention Report
Most federal sponsors require both negative or positive invention reports. Where invention reports are required, DSP will collect the information needed, coordinate with the PI and if an invention was made in whole or in part with project funding coordinate with UF’s Office of Technology Licensing (OTL) the disclosure information prior to submitting the report to the sponsor.
Final Property Report
Most grants and contracts do not require a final property report. Where property reports are required, UF’s Asset Management Office will collect the information needed and submit these reports.
It is important that reports are submitted on time as some agencies will not release new funds to a PI, or even to the UF, until all final reports have been submitted. For non-responsive PI’s, after the 1st notice DSP may actively engage Chairs and Deans to ensure reports are submitted in response to delinquent notices.