Timeliness of reporting and closeout is crucial to sound grants/contracts management to assure full compliance with agency regulations and to assure collection of all monetary reimbursement for costs incurred. These functions are tested as part of the annual Uniform Guidance Audit requirements as well as by other sponsoring agencies when they make periodic visits to Harvard.
The Department/Local Level Managing Unit should continue to review and reconcile any active accounts in the general ledger to ensure expenditures match the Final Figure. Any expenditures that were not included as part of the Final Figure are unallowable and must be removed. OSP Research Finance performs any final collections on outstanding receivables and coordinates final drawdowns with the Cash Team to ensure sponsored income posts to each account.