Closeout is the process that occurs at the end of an award or reporting period.
Overview of Closeout Process:
- Around the 2nd working day of each month, Grant Accounting (GAO) sends out a Grant Expiring Notification email for awards that are ending in the next two months.
- The Department responds to the Notification email and indicates if the award is renewing, extending or expiring.
- For awards that are expiring, the Department and PI prepare for closeout by completing the following:
- Review outstanding encumbrances
- Modify personnel appointments
- Cancel all grant specific purchase orders; any invoices related to purchase orders should be forwarded immediately to Accounts Payable for payment
- Verify that all transactions to date have been reviewed to ensure that they are accurate and have been appropriately charged to this grant
- Contact sub-recipients regarding final invoices
- GAO sends the Department the Universal Closeout Workbook with a deadline for response. The award is closed in the General Ledger.
- Department returns the Universal Closeout Workbook to GAO by the established deadline to resolve outstanding issues.
- If late postings are not provided to GAO by the deadline, these items will not be included in the final invoice and/or final financial report.
- GAO uses the information provided by the Department to:
- Process GL accounting entries.
- Submit final invoice and/or final financial report to the sponsor.
- Inactivate the account in the General Ledger.
- Once the award is zero and final payment is received from the sponsor, the award will be inactivated in the General Ledger.