Award Close-out

Principal Investigators (PIs) are responsible for overseeing the proper closeout of sponsored projects and the timely submission of all required reports including final programmatic reports such as technical, invention/patent, and property/equipment inventory reports. While the Grants Management Office (GMO) may prepare and/or submit the financial report, they are completed on the basis of documentation created by the PI.

Principal Investigators must assure that such documentation is adequate, accurate, and readily available. In addition, the PI is responsible for ensuring necessary final financial adjustments are resolved promptly at the end of the award. Failure on the part of the PI to deliver any required technical reports or deliverables to the sponsor in a timely manner may affect the collection of funds for the project and future funding from that sponsor to the University.

If you are preparing to close an award, please perform the tasks listed below to ensure timely, accurate, and complete closure:

AT 90 DAYS PRIOR TO AWARD END DATE:

• Monitor burn rate (actual expenses incurred vs. remaining budget) to date to uncover underspending and potential overspending.
• Finalize equipment and property purchases charged to the award. Equipment ordered after this date requires sponsor approval or a written justification to explain the special circumstances for this exception.
• Check your agreement terms for final invoicing instructions. Begin reviewing the award’s financial records now to ensure all valid, allowable expenditures will post to the award in the month before the final invoice is due.
• Contact sub-awardees to notify them of the date by which final reports and a final invoice (clearly marked as “Final”) must be received to ensure payment.
• If applicable, will all cost share (c/s) commitments be fulfilled by the end of the award? Start working now to:
  • Ensure funds are transferred to c/s fund account and expenditures are posted per c/s agreement.
  • Obtain all documented in-kind contributions to provide to GMO.
  • Confirm with sub-awardees that their c/s commitment will be fulfilled and reported, if applicable

AT 60 DAYS PRIOR TO AWARD END DATE:

• Continue working on any incomplete tasks still outstanding from the 90-day list above.
• Personnel charges:
  • Confirm salary is charged correctly to the project.
  • Arrange with GMO to transfer excess salary to another fund account.
  • Revise personnel appointments paid from this award so they are paid from another funding source as of project end date.
• Are tuition charges on the award associated with the correct student?
• Verify all equipment expenditures are appropriately charged and accounted for. Handle appropriate cost transfers.
• Are all expenditures allowable, allocable, reasonable and consistent with the terms of the agreement? (Written justifications are required for unbudgeted expenses of computing supplies, postage, FedEx, administrative salary, etc). Written sponsor approval is required for unbudgeted administrative salary on awards granted after 12/26/14.
• Is there government property on this award? Contact OSP to schedule an inventory in preparation for final report. Have we requested or received disposition?

AT 30 DAYS PRIOR TO AWARD END DATE:

• Complete all previous tasks that have not yet been addressed and work on the final closeout steps.
• Will all charges be processed and posted (purchase orders, procurement card purchases, and travel reimbursements)?
• Close encumbrances that are no longer needed.
• If any inventions, patents, or copyrights have resulted from this award, verify that the appropriate paperwork has been sent to OSP (osp@liu.edu)
• Are all Time & Effort reports certified?
  • Ensure salary amounts for all personnel paid in the fiscal year are correct so their Time and Effort can be certified as soon as they are generated
• Verify that project is current with all prior technical reports. Confirm the final technical report to be submitted before the required deadlines.