1. Objective
The objective of this document is to outline the procedure, deadlines and responsibilities regarding the timely and correct close out of sponsored programs. Grant agreements usually require a final financial report and other documents to be submitted to the granting agency within specific deadlines after the end of the project. It is important for TUC and Principal Investigators to comply with these requirements and deadlines. Non-compliance may result in the withholding of future payments and grant approvals for other projects.
2. Project Closing Deadlines
- Federal grants (with exceptions of direct NSF and direct NIH grants) must be closed with 90 days after the end of the performance period;
- Direct NSF and direct NIH grants must be closed within 120 days after the end of the performance period;
- Non-federal grants should be closed out within 90 days after the end of the performance period, unless there are different dates required by the granting agency or there are specific reasons out of the control of the Corporation that prevent a correct closeout.
3. Project Closing Schedule
The final reports filed with the granting agency must contain the final financial figures.
Meeting this deadline requires the Principal Investigator and TUC-Sponsored Programs to adhere to the following schedule:
3.1 Principal Investigator
- Anytime during the project:
- If unexpended funds are anticipated at the end of the project or deadlines may not be met, apply for a no-cost extension through the Office of Research and Sponsored Projects (ORSP).
- 60 days before the end of the project:
- Contact TUC-Sponsored Programs and set up a meeting to prepare for the closing of the project.
- 10 days before the end of the project:
- Ensure that all new purchase orders are submitted prior to this date.
- Past this deadline, no purchase orders will be accepted for approval, unless accompanied by a written statement from the vendor, declaring that delivery and invoicing will be completed prior to the end of the project period.
- Within 30 days after the end of the project:
- Review the Detailed Trial Balance and correct inappropriate expenses.
- Within 60 days after the end of the project:
- Close out all open purchase orders, or if appropriate move them to another project.
- Approve all open invoices for payment and send them to The University Corporation.
- Within 90 days after the end of the project:
- If applicable, file a copy of the cost-sharing statement with TUC-Sponsored Programs.
- File a copy of the final technical or program report with TUC-Sponsored Programs. If the document is confidential or very large, file a copy of the cover letter accompanying the report.
3.2 TUC-Sponsored Programs
In order to ensure the timely filing of the final report, TUC-Sponsored Programs is required to conduct the following procedures
- 60 days before the end of the project:
- Meet with the Principal Investigator to prepare for the closing of the project.
- 10 days before the end of the project:
- Ensure that all purchase orders after this date are accompanied by a written statement from the vendor, declaring that delivery and invoicing will be completed until the end of the project period.
- 60 days after the end of the project:
- Cancel all open purchase orders. In case a follow-up project exists and it is appropriate, move the purchase orders to this project. If no follow-up project exists, contact the vendor and retract the purchase order.
- If the order cannot be retracted, the Principal Investigator will be responsible for allocating the expense to a different funding source.
- If appropriate, move all open invoices to the follow-up project. If no follow-up project exists, identify a different source of funding.
- The Principal Investigator will be responsible for allocating the expense to a different funding source.
- 90 days after the end of the project:
- File the final financial report with the granting agency
- Close project in PeopleSoft
4. Assistance During the Closing Process
4.1 Closing Preparation Support from TUC-Sponsored Programs
The TUC-Sponsored Programs (TUC-SP) liaison will actively work with the Principal Investigator to achieve a correct and timely closing of their projects.
Principal Investigators are encouraged to set up a meeting with their liaison at least 60 days before the end of the project. During this meeting the liaison will review the current status of the project, suggest preparatory activities and point out deadlines and procedures.
2.2 No-Cost Extension Through the Office of Research and Sponsored Projects (ORSP)
Project Directors, who anticipate unexpended funds at the end of their project, or who are uncertain about being able to meet the deadlines listed, are encouraged to request a no-cost extension from the sponsoring agency. Any extension is solely at the discretion of the granting agency.
Please contact the Office of Research and Sponsored Projects (ORSP), as early as possible to apply for the extension.
5. Monitoring of Timely Project Closing
TUC-Sponsored Programs will maintain a "Project Tracker" document and conduct regular monthly internal meetings to monitor the timely closing of projects.
Closeout Guidelines from Agencies
Last Updated: September 21, 2017