There are various activities associated with closing out a sponsored project or award. There are usually reporting obligations to the sponsor, financial reconciliations, forms and reports for the institution, and account closeout tasks which must be completed.

Prudent financial management of sponsored projects include timely and accurate reporting to sponsors and account/award close out. These functions are tested as part of the annual OMB single audit as well as by other sponsoring agencies when requested.

On a monthly basis, the department administrator should run the Budget to Actuals Report from Workday to ensure that all project costs are appropriately charged to the account. As the project nears termination it is important to review all costs, remove any unallowable charges, and update costing allocations, service centers, and purchasing cards for any recurring charges.

All purchase orders must be closed in Workday at the end of a project. For questions, contact Purchasing by creating a Remedy Ticket in the Brown IT Ticket System and assign it to Purchasing. When closing a subaward, please complete the Subaward Close-Out Certification Form and submit it to the OSP Grant/Contract Accountant.

Final Invoices and Reports
Upon project termination, the OSP Grant/Contract Accountant will review the account and work with the department administrator to determine the final figure to be reported to the sponsor on the financial report or final invoice.

In most cases for federal awards, final financial reports must be submitted within 90 days from the award end date, and within 60 days for final invoices. Non-federal deadlines may vary by sponsor. To meet sponsor deadlines there needs to be clear and timely communication between department administrators and OSP Grant/Contract Accountants.

Adjustment charges refer to costs incurred after the termination date of a project/award. Under some circumstances, the costs of final report preparation may be incurred after the end date, and should be carefully documented. The adjustment and reconciliation of charges must be completed in a timely manner after award end to ensure submission deadlines to sponsors are met.

Any charges posted after the termination date will need to be reviewed and justified for allowability if they are included with the final financial report or final invoice.

Deficits occur when cumulative expenses exceed the amount awarded by the sponsor and could be considered voluntary uncommitted cost sharing. It is the responsibility of the department to transfer deficits out of sponsored awards promptly and no later than 3 months after the termination date.

Management of Fixed Price Agreement Residual Funds (SOP 10.15.01)
At award close-out, OSP will review the account to ensure that all sponsored funds have been received, all expenses related to the project are reflected in the account, all PI and personnel effort that has been charged to the project is in line with the work performed, and all award requirements (e.g., final technical reports) have been met. OSP will confirm that the terms and conditions of the award do not require the return of unspent funds. When there are residual funds remaining on the fixed price award, OSP will transfer the balance  to the designated account(s) per the Standard Operating Procedure (SOP). Fixed price sponsored award balance transfer responsibilities are shared among the PI, Department and OSP. For large balances (>25% of total award or > $100K) the Residual Balance Transfer Request Form is required for completion.