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