Closeout Timing Guidelines
The following are general guidelines for final expenditures or adjustments reflecting the most common project closeout dates:
| Agency Closeout Requirements | Final Submission of Transactions to Research Accountant |
|---|---|
| 30 days | 15 days after project end date |
| 60 days | 15 days after project end date |
| 90 days | 45 days after project end date |
These dates allow the PI, Research Accounting, and the Research and Service Foundation to review final project expenditures prior to submitting the final financial report to the sponsor.
Closeout Timing Process
90-day Closeout (90 days prior to award end date)
The Research Accountant:
- prepares the closeout report at the beginning of each month and identifies awards that have an end date within the next 90 days;
- crosschecks the information listed with the information in the award file to confirm the exact project end date;
- prepares and sends the PI an email with the “90-Day Notification of Project Expiration,” which states the requirements that must be met by the end date; a copy of the 90-day notification letter is sent to the RA, RSF, College Dean, department chair, and appropriate departmental administrator; and
- confirms that the PI is not requesting supplemental funding or a no-cost extension.
30-day Closeout (30 days prior to award end date)
The Research Accountant identifies projects that have an end date within the next 30 days and:
- runs the PFS Payroll Distribution Report to identify hourly and salaried employees paid by the project within the last three (3) months; notes their names on the 30-day closeout notice; and forwards a copy of the notice to the RA, RSF, PI, College Dean, department chair, and appropriate administrative personnel;
- emails the PI a reminder of the requirements and deadlines for closeout (e.g., technical report, final financial report, final invoice); and
- when an award closes, but the project has additional funding for more than one year, works with the PI to set up the following year’s award documents.
- The PI/department identifies employees who must be moved to a new funding source (next budget year or new award) if the project continues.
- The PI ensures that all project personnel have reported hours worked and/or absence(s) in eTime.
- The Research Accountant meets with the PI to review the financial information in the PSF; for example: pen encumbrances/purchase orders: ensures all invoices have cleared, and encumbrances are closed; checks for any open POs and contacts university Procurement staff to ensure that invoices are submitted within 45 days of the project’s end date (for projects closing within 90 days of end date).
- Recurring charges (i.e., telecom, Eagle Printshop, postage, fuel card): reviews and closes any POs for recurring internal GS expenditures or identifies a new source of funding;
- Procurement cards: notifies the Procurement Card Office that the project should be inactivated in its system by the 15thday of the month that the project ends;
- Reimbursed release time (buyout): reviews General Ledger (GL) to ensure that all RRT has been charged; and
- Cost Share: identifies any cost-share requirements and works with the RSF to ensure that proper documentation is obtained and/or completed.
Last updated: 4/27/2021