Research Administration and Engagement (RAE) has a responsibility to closeout completed projects in a timely and accurate manner. The award closeout process includes documenting and assuring the fulfillment of the terms and conditions of the award while certifying compliance with applicable regulations. In addition, this process includes the collection of any outstanding accounts receivable and the distribution of any residual funds.
Closeout Procedures & Responsibilities
Upon the expiration of an award, RAE Grants & Contracts Business Managers perform a final review of the expenditure activity over the lifetime of the award and ensure all charges are considered allowable. They will also notify the principal investigator (PI) in order to resolve any closeout issues, such as over-expended balances, purchase order encumbrances, or inappropriate or unallowable charges. It is the PI’s responsibility to take corrective action in order to ensure a timely closeout.
The list below summarizes the roles and responsibilities during the award closeout process (the RAE Project Closeout Checklist may be used as a guide):
1. Closeout PI Responsibilities
- Ensure all obligations and encumbrances are complete and charged appropriately to the project prior to the end date.
- Ensure any monthly recurring expenses (such as copy service, postage/shipping charges, or phone service) are discontinued as of project end date or changed to an alternative source.
- Ensure any personnel appointments which need to be changed to another salary source are completed at least 2 weeks prior to end date and that any required notices of non-renewal of appointment have been completed per University Human Resources Rules, Policies and Procedures, or as otherwise described in "Hiring Research Personnel".
- Adhere to the university’s annual leave policy related to contracts/grants: (Faculty Handbook 8.I.: Annual Leave for Contract and Grant Salaried Employees)
- Coordinate any required documents or reports with sub-recipients.
- Submit final technical report to sponsor agency and provide a copy to RAE Grants Specialist.
- Disclose any intellectual property, if appropriate, to RAE.
- Ensure all applications to IRB for Human Research Participants’ Protection and ACUC are closed.
2. RAE Closeout Responsibilites
- Notify PI of upcoming end date 90-60-30 days prior to end of project.
- Review project expenditures for inappropriate charges or overruns and resolve outstanding encumbrances.
- Deficit Balance - If a deficit remains in a project, funds will be taken from the PI’s seed account to cover the deficit. In the event the PI is unable to cover the deficit, responsibility for the deficit then lies with the department or center and finally with the college or division.
- Prepare final invoices along with the final financial and inventory of equipment reports to sponsor in collaboration with PI.
- Monitor status of accounts receivable until full payment is received.
- Prepare journal entries to recover deficit expenditures or distribute applicable fixed-price residual shares per formula below.
- Scan file contents into Banner Document Management System (BDMS) and index.