Preparing for Closeout

In addition to Costing Considerations, the following Federal requirements* apply:

Costs must:

  • Be allowable, reasonable, allocable & not specifically restricted by sponsor
  • Be supported by adequate documentation
    • what was purchased
    • where it was purchased
    • when it was purchased
    • explain why it was purchased
  • Be incurred during the period of performance (from budget begin date through budget end date), except for:
    • Pre-award spending, if allowed
    • Publication/printing costs incurred after the budget end date, but within 90 days of budget end date
  • Be paid within 90 calendar days after budget end date
  • Reports must be submitted to the sponsor within 90 days of budget end date
  • Sponsor must be reimbursed for value of residual balance of supplies >$5000
  • Financial amounts reported to the sponsor on FFRs & other financial reports/systems must reconcile to the University general ledger

As a Departmental Administrator how can you best prepare for Close-Out (for awards that allow at least 90 days)?

  1. Monitor transactions regularly
    • Review & reconcile TDRs monthly
    • Take appropriate (& immediate) action to resolve errors & ensure documentation exists
  2. Respond to GAO Notification Email
  3. Contact sub-recipients to request final invoice
  4. Review outstanding purchase orders
  5. Verify all costs have been processed
    • Change of Status’ & other payroll adjustments should be processed by the payroll cutoff of the 2nd month after budget end date
    • Travel vouchers should be processed & paid within 2 months of budget end date
    • CV’s to move transactions from or to another account should be processed within 2 months of the budget end date
    • Pcard charges should be included in the 1st billing cycle after the end date and then reconciled by the 18th of the following month. 
  6. Finalize sub-recipient final invoices
  7. Review Universal Closeout Workbook & respond to GAO by the deadline

*Requirements are from Uniform Guidance; some sponsors/awards may have different and possibly more restrictive deadlines.  Always refer to the award agreement for specific requirements.