Closing Out the Award
The PI should plan ahead for the final closeout of a grant. It is helpful to use a 60-day target to prepare for the conclusion of the project and the closeout of the account.
Procedure (Government funding):
If the PI feels it is not feasible to complete the project on the original schedule, the PI must notify ORSP as soon as he/she is aware that the project will not be finished by the original end date. It may be possible to extend the award at no additional cost to the sponsor.
- No-cost extensions cannot be requested simply because there are unexpended funds available.
- ORSP will work with the PI to obtain appropriate approval from the sponsor for a no-cost extension.
- In all such cases, the extension must be requested well before the original termination date for the award; extension requests submitted after the termination date are rarely approved.
Final Project Report
The PI must submit a final technical project report to the sponsor, following the reporting requirements as to format and content.
- Final reports must be submitted in a timely manner. Late reports reflect poorly on the University and may preclude additional funding to both the PI and to the University until the report is filed.
- A copy of the final performance report must be sent to ORSP to include in the award folder.
Closing the Award Account
- Especially in the final stages of a project, the PI must work closely with ORSP to ensure funds are available in the proper budget categories to complete the final project activities.
- Budget transfer requests, if necessary, must follow the budget transfer procedure.
- Expenses incurred after the end date of the grant will be not allowed.
- Any funds remaining in the account at the end date normally must be returned to the sponsor.
- The final financial report will be prepared by Grants Accounting, working with ORSP.
Procedure (Private Funding):
Procedures for closing out private funding awards (e.g., from foundations or corporations) are discussed with the PI at the initial award meeting. ORSP assist the PI in the preparation of final reports, reviews and submits them. PIs should contact ORSP with any questions they may have about final reporting requirements and closing awards from private funding sources.