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)?
- Monitor transactions regularly
- Review & reconcile TDRs monthly
- Take appropriate (& immediate) action to resolve errors & ensure documentation exists
- Respond to GAO Notification Email
- Contact sub-recipients to request final invoice
- Review outstanding purchase orders
- 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.
- Finalize sub-recipient final invoices
- Invoices due from subs within 60 days of end date; send to GAO immediately
- If Receiving is required, enter information on PReq as soon as possible
- 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.