Award Closeout
What is an Award Closeout and When Does It Begin?
An award closeout is the final step in the life cycle of a sponsored project. It occurs after the project’s final end date, not at the end of each budget period, when all work on the award has been completed and the university must finalize the financial and administrative records for the grant.
During closeout, the institution reviews all project expenses to ensure they are accurate, allowable and properly recorded. It submits the final financial report to the sponsor, resolves any outstanding invoices or payments, and confirms that any required cost share or subrecipient activities have been completed.
Once the sponsor confirms that all reporting and financial requirements have been satisfied, the award is officially closed and no additional expenses can be charged to the project.
What Role Does Post Award Play in Award Closeout?
The Post Award Team develops, prepares, and maintains the timely closeout of progress reports and other applicable items that accurately represent closing out an award with a sponsor. They ensure prompt reconciliations, justifications, program income (if applicable) and all other facets involved in the accurate reporting of a sponsored project.
What Role Does Research Accounting Play in Award Closeout?
The Research Accounting team works with the Principal Investigator (PI), department
administrators and the Office of Sponsored Programs to ensure that all financial activities
on the award are finalized before the project is officially closed.
Responsibilities include:
- reviewing final expenditures,
- reconciling the project account,
- preparing final invoices or financial reports,
- ensure that all allowable costs have been properly recorded, and
- ensure that the university collects all remaining reimbursements from the sponsor and resolves any outstanding financial issues, such as deficit balances or unallowable costs.
During the closeout process, Research Accounting coordinates with departments to make
any necessary adjustments and
confirm that the award complies with sponsor requirements and university policies
before the account is fully closed.