Closeout of a grant or cooperative agreement is usually a routine administrative activity at the end of the project. OMB Circular A-110 provides guidance for the closeout of a federal award. The University is expected to submit all final financial, programmatic, and other reports, such as technical, property and inventions, within 90 days after the end of the award period. Federal award closeout requirements are generally the same for all federal agencies however closeout procedures vary by award and the terms of the award should be considered during the closeout.
When a project is ending the closing team in the Accounting and Financial Compliance 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.