Grant Closeouts in Grants and Contracts Accounting

The grant closeout is a critical piece in the life cycle of a grant. Preparation for closeout should begin three months prior to the end date of the grant in order to accurately forecast expenses and any adjusting entries that need to be made. It is also a point where many Principal Investigators realize the need to apply for no-cost extensions from their funding agency.
Listed below are some of the responsibilities involved in the grant closeout process and who has a role in the particular task:
Task      Grants & Contracts
Administration		Principal
Investigator		Grants & Contracts
Accounting
Email notification to PI regarding closure of fund

Grants & Contracts (G&C) sends email 2 weeks prior to initiating any fund closure

1

PI/staff responds to email; no response proceed with close

2

Initiate Profit & Loss (P&L) Statement reconciling balances paid vs. budgeted amounts

3

Project End Date Monitoring

Contact PI that project is ending in 60 days and inquire about need for No Cost Extension (NCE). If NCE, request from or notify agency.
If final, remind PI about exclusions during last months of project and any closeout steps (move staff, etc.)

1

Make request to Grants & Contracts independently or in response to notification

2

Confirm fund availability status as needed

3

Cost Transfers

G & C reviews and approves transfer or returns to PI for additional information

2

Submit expenditure transfers to G & C within 90 days of charge.

1

Process expenditure transfer if meets all criteria.

3

Program Reports or Final Technical and Financial Reports

Monthly report notification sent out for technical and financial reports.

1

May be contacted by Accounting or G & C for information regarding cost sharing if mandatory.

2

Responsible for submitting final financial status reports to agencies, usually within 90 days of expiration.

3

Rebates & Releases



Accounting will file these reports if required with financial status reports.

Inventions/Patent/
Property Reports

Responsible for filing these reports to sponsor within 90 days of expiration.

2

Will provide upon discovery or will be contacted by Grants & Contracts for information.

1


Inactivating Grant (post completion of P & L)

- Deactivate Speedtype
- Closeout Grant Panels
- Move electronic folder to closed folders; move hard copy to closed file.