All grants and contracts have end dates that require a variety of closeout procedures:
- Final financial report
- Final invoice Reporting of inventions and patent results
- Listing of equipment purchases and equipment ownership information
- Final technical progress report providing the sponsor with the results of the research
SPONSORED FINANCIAL REPORTING AND CLOSEOUT POLICY
As the recipient of sponsored funding from federal and non-federal sources, Harvard University is required to provide accurate, timely, and complete disclosure of the financial results of sponsored awards and programs: By accepting sponsored funding, Harvard agrees to manage and use these funds in accordance with sponsor terms and, if applicable, federal regulations.
FIXED PRICE BALANCES
TIPS FOR A SUCCESSFUL CLOSEOUT
- Monitor expenditures monthly; clear items on Transaction Monitoring Dashboard
- 60 days before project end, review and make plan with PI. Will there be a no-cost extension? Carryforward?
- Review the Terms of Award to ensure that all deliverables are submitted by the designated due dates
- Ensure that Effort Reports have been submitted for all completed quarters encompassed in the project period
- Determine if all final invoices have been received from the subs
- Request billing code changes for recurring expenses such as telecom charges
- Work with your OSP representative to complete any necessary final financial reports and/or invoices