The closeout is a critical piece in the life cycle of a grant. Preparation for closeout should begin three months prior to the end date of the grant in order to accurately forecast expenses and any adjusting financial entries that need to be made. It is also a point where many PI’s realize the need to apply for no-cost extensions from the sponsor.

If your grant is from the NIH, your grant may be subject to Streamlined Noncompeting Award Procedures (SNAP). Grants that are subject to SNAP can be identified by looking at the grant notice of award (NOA). 

90 days before the end of the award Grants Accounting (GA) will start the closeout process. GA will send the PI a 90-Day Review Notice and Checklist. When the PI receives this notice, he or she should notify OSPR and/or initiate the process immediately if they are interested in requesting a no-cost extension.

If the PI is ready to close the award, the PI will need to ensure that all costs are appropriate and all transactions have been properly recorded. This includes: 

  • Verifying that restricted categories are spent according to the award notice;
  • Verifying that F&A charges are correctly posted;
  • Verifying that cost sharing requirements are identified and recorded, if applicable; and
  • Verifying that all program income is properly recorded, if applicable.

If the grant has sub-awards, GA works with the PI to ensure that the final financial report of expenditures has been submitted.

If the award is overspent, the excess costs are moved using transfer accounts to ensure proper recording of expenditures by program (e.g. Research, Instruction, and Public Service). To clear over expenditures, GA follows the procedure established for handling financial and over expenditure problems.

For fixed price awards, when there is excess income, the excess income is moved to a departmental operating activity specified by the PI, using transfer accounts.

Closing documents may include the: 

  • Final Financial Status Report (FSR)
    The final financial status report is prepared and submitted to the sponsor by GA within 90 days of the end of the award, or as required by the award terms and conditions.   
  • Final Technical Report

The PI prepares and, in most cases, also submits the final technical report and any other technical/progress reports as required by the sponsor. When final reports requires the signature of an authorized official or if the report needs to be submitted by an authorized official, please contact the Sponsored Programs Officer who administered the project. Read more on how to submit Final Technical Reports.