Financial Closeout is a shared responsibility between ICI, Principal Investigators (PI)/Project Directors (PD), and the Business Office.
Typical Financial Closeout Reports include, but is not limited to:
All financial reports must be reviewed and approved by ICI. PI/PD's shall not submit financial reports without the approval of ICI.
The award period end date determines the time frame in which the research or project should be complete and the closeout process should begin. Award terms should be checked to verify the closeout period. Some sponsors will initiate unilateral closeout (i.e. closeout without receipt of acceptable final reports) for all awards that fail to meet closeout requirements, so it’s very important to meet closeout deadlines.
Cost-Sharing
Verify that all required cost-sharing has been met, properly documented, and funded.
Equipment
If this award has federally-owned or government-furnished equipment, ICI will coordinate final disposition instructions with the Federal Government.
Financial Reports
ICI will submit financial reports after verifying the ending balance with the Business Office. PI's/PD's should have already ensured all expenditures are appropriate to the award during the management phase. This review includes confirming that all expenditures are during the period of performance.
No-Cost Extensions
If you are planning to request a no-cost extension, contact ICI at least 60 days prior to the project period end date to initiate the extension process. If you have already initiated this process with the sponsor outside of ICI, please let ICI know as soon as possible.
Noncompliance with award closeout policies, including late submission of financial status reports, may jeopardize future funding from sponsors.
Operating Expenses
Are any expenses outstanding? Verify departmental encumbrances and track all outstanding items. Remind all project personnel to submit any last minute expenses so that these are processed before the end date of the award.
Over-Expenditures/Cost Overruns
Cost Overruns on Sponsored Awards are not allowed and must be removed prior to closeout.
The PI/PD is ultimately responsible for the technical and financial aspects of a sponsored award. In most situations, the PI/PD will work with their administrative support in the financial oversight of the award. PI’s/PD's must review expenditures on awards throughout the life of the award. Review of expenditures is an ongoing process and should not be postponed until the preparation of a final report of expenditures.
With respect to over expenditures of sponsored project budgets, ICI and the Business Office will continue to monitor spending on awards throughout the life of the project. If current expenditures or projected costs exceed the budgeted amount, ICI will contact the PI/PD and/or administrative support to determine how to fund the overdraft (i.e., correction to remove costs, etc.).
Payroll
Are the salaries of key project personnel properly charged to this account in accordance with the level of effort proposed to the awarding agency?
Non-Financial Closeout is a shared responsibility between ICI and PI's/PD's.
Typical Non-Financial Closeout Reports include, but is not limited to:
Principal Investigators (PI)/Project Directors (PD)
Institutional Compliance Integrity (ICI)