Overview of UI Closeout Process - old

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 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 subcontractors regarding final invoices
  • Grant Accounting 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 Grant Accounting by the established deadline to resolve outstanding issues. 
    • If late postings are not provided to Grant Accounting by the deadline, these items will not be included in the final invoice and/or final financial report.
  • Grant Accounting 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.

Last updated 4/23/2015