When a project is ending the closing team in the Financial Management Group of SPA works with PI’s, BSC’s and Departments to ensure all appropriate expenses have been applied, final billing and financial reporting completed, final payments collected, and other reports have been submitted before closing out the grant funds.

The closeout process is automated through Banner workflow so that processes can be completed sequentially by PI’s, Departments, BSCs, and the closing team in SPA.

Title to equipment, acquired during the project period, normally vests with the University. If title does vest with the University there are no further responsibilities to the sponsor after closeout. OMB Circular A-110 states that the equipment should continue to be used for the project, if it is continued, or on other federal projects, but if there is no further use for it, an institution may dispose of it.

Record retention requirements for federal awards are specified in OMB Circular A-110. The University applies the same record retention requirements to nonfederal awards. Financial records, supporting documents, statistical records, and all records pertinent to an award must be retained for three years from the date of the final expenditure report or, for awards that are renewed quarterly or annually, from the date of the submission of the quarterly or annual financial report. If any litigation, claim, or audit is started before the end of the three year period the records must be retained until the end of the action.