Closing Out an Award Overview

Research, Sponsored Projects   |   Approved October 9, 2015

Purpose

Overview of requirements for award closeout.

Applicability

Principal Investigators and administrators managing sponsored programs.

Both UMB and sponsors have requirements for closeout of an award at the end of the project period. Some sponsors require an annual closeout even when an award is expected to continue.

For more information on this topic, review the Sponsored Programs Administration (SPA) website on Final Reports and Closeout.

Instructions

1. Before 60 days prior to the award end date, if funding for the project will not continue, work with the department administrator on any human resources issues related to project termination.
2. At 30-60 days prior to the award end date, determine whether a no-cost extension is required to complete project work. See Approval for Postaward Changes procedure.
3. Review reporting deadlines in award terms and conditions and/or sponsor policy.
4. Follow up with collaborators and subrecipients to obtain final reports and invoice marked as “Final”.
   • Within 30-45 days after the end of the project period subrecipient final documents should normally be submitted to UMB. See Subaward Closeout procedure.
5. If all reports and deliverables have been received from subrecipient, approve invoice for payment; follow up in RAVEN to ensure expense has been posted. See Subaward Closeout procedure for more detail.
6. Standard (cost-reimbursable) awards: Reconcile award revenue and expenses using Quantum; work with Sponsored Projects Accounting and Compliance (SPAC) to resolve any errors or issues.  
7. Ensure that ongoing expenses (such as animal per diem costs or BIORESCO charges) are moved to a different Project ID.
8. Prepare and submit non-financial reports required by sponsor.
   • A final project report is commonly required.
   • An invention/patent reports is often required and must include any invention first conceived or first reduced to practice by subrecipient personnel under their subaward.
   • A fellowship award may require a termination form.
   • If the sponsor requires a property (equipment) report, work with Capital Equipment Inventory (Financial Services).

9. Work with SPAC to review and submit final invoice and/or final financial report (as required).