Preparing for Closeout [1]

In addition to Costing Considerations [2], 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
  • Costs related to the disposition of federally titled equipment and property
• 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 >$10,000
• 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 and 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 [3]
   • Invoices due from subs within 60 days of end date; send to GAO immediately [4]
   • If Receiving [5] is required, enter information on PReq as soon as possible
7. Review Universal Closeout Workbook [6] & respond to GAO by the deadline

Last reviewed: 10/1/2024