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
In addition to ongoing reconciliation, Department/Local Level Managing Units must pay additional attention to expenditures as an award comes to an end. The following list provides general activities that should occur at the end of an award.
- Continue to review and clear expenses flagged in the GMAS Transaction Monitoring module
- Review and update recurring charges, including salaries, service centers, and utilities
- Discuss any remaining large purchases with the PI
- Request the PI and research team to submit any outstanding reimbursements, including travel
- Request and review final subcontract invoices
- Run the HART Committed Funds report to identify open PO’s
- Remove over-expenditures
- Remove post-term charges not incurred within the award period
Additional details and guidance are available in the Sponsored Financial Reporting and Closeout Policy.