Close Out Your Award
Sponsors require different reports at closeout. As a rule, federal sponsors require financial, invention and technical reports. Property reports may also be required. Generally, reports are due 30 to 90 days from the expiration date of the sponsored agreement.
The Office of Sponsored Programs Administration, within the Office of Research and Innovation, will assist PIs/PDs with closing sponsored projects by ensuring the timely submission of required final reports.
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The Commercialization EPI-Center will work with the PI/PD to complete reporting of inventions. The Office of Sponsored Programs Administration will work with the EPI-Center to verify Patents and Inventions and then complete the Invention Statement and secure signatures and submit to the Sponsor.
The Office of Sponsored Programs Administration prepares final financial reports. The PI/PD or academic department is responsible for reviewing a draft prior to final submission to the funding agency. Final reports require that all expenditures have been processed and personnel and other on-going charges moved to other appropriate accounts. In instances in which the department or program is responsible for preparation of the final financial report, the report should be submitted to the Office of Sponsored Programs Administration for review and signature prior to submission.
Some sponsors may ask the Department of Health and Human Services (DHHS) or its designated auditor to perform a closeout audit before final payment on a contract or grant; or before the sponsor closes the account administratively. PIs/PDs who are notified that a sponsor wants to perform a closeout audit must contact the Office of Sponsored Programs Administration.
Some contracts allow the University to retain residual funds at the end of a project. If the agreement allows such retention, the Office of Sponsored Programs Financial Administration will work with the department to transfer the funds to an appropriate account.
Sponsored awards normally have a specified period for completion of the program. When the period expires, the Office of Sponsored Programs Administration will work with the department to close the award on the PeopleSoft system. This will require a confirmation from the department that all of the proper charges have been placed on the speedtype, and that no charges are in error. All PeopleSoft speedtypes should have deficits resolved by transferring expenditures in excess of budget to discretionary or other departmental funds. The Office of Sponsored Programs Administration will verify that F&A has been properly charged to the speedtype.
Once these steps are complete, the Office of Sponsored Programs Administration will prepare any necessary financial reports for the sponsor and will collect any funds due from the sponsor. After all necessary reports have been filed and the correct amounts of funds have been received, the Office of Sponsored Programs Administration will close the speedtype on the system. Closeout Initiation Request Form (PDF)
Maintaining adequate records on sponsored programs activities is a federal requirement. Even non-federal sponsors have very specific guidelines about the retention of records. All awardees are required to be aware of and meet the requirements of their sponsors as required by the University’s Records Retention Policy (PDF).