Reporting and Closeout
The Office of Sponsored Programs and the Controller's Office employ procedures that will assure compliance with agency guidelines and auditors' requirements on proper record retention and maintenance.
The Grants Coordinator will notify faculty and staff of impending grant expiration dates to effect timely reports and closeouts.
In order to avoid overdrafts, the Grants Coordinator sends quarterly financial reports to faculty and staff with active grant accounts. All costs should be reviewed to verify salary charges and to ensure correct allocation of funds. If, at the end of the grant period, the budget reflects a negative balance, please contact the Grants Coordinator to discuss how the deficit will be covered.
In general, funding agencies do not permit the transfer of funds from one grant account to another in order to resolve overdrafts. All overdrafts should be resolved within 60 days of expiration so that accounts may be closed out according to agency guidelines.
The Grants Coordinator will review end-of-project figures to be included on the final invoice or financial status report. Unless additional funds are awarded or a no-cost extension is approved, no new charges may be made to the account after the expiration date.
A 90-day allowance is designed to accommodate any encumbrances incurred but not posted prior to the grant expiration date. Residual funds are handled according to agency guidelines; when guidelines are unclear, the Grants Coordinator will contact the funding agency to determine the disposition of residuals.
Principal Investigators are responsible for filing all end-of-project technical reports in addition to any certificates of compliance, invention disclosures, property acquisition reports, or other documents that may be requested by the agency.
Please contact the Office of Sponsored Programs staff for assistance.