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.
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