Award Closeout

Award closeout includes timely submission of all required technical, administrative and financial reports and financial adjustments for amounts due the grantee or sponsor. The PI is responsible for filing the final technical report in accordance with the schedule contained in the award document or in the sponsor’s published regulations.

OSR, in conjunction with the PI, is responsible for submitting the final invention statement.

SPFO is responsible for filing the financial report, property accounting report, and other required close-out documents, if applicable. To summarize:

Required GUMC closeout reports include:

• Final Financial Status Report (FSR) (SPFO)
• Final Progress Report (PI: including final population tracking data, when applicable)
• Final Invention Statement and Certification (OSR works with department)
• Property Accounting Report (Property Accounting, Office of Financial Affairs)

Closeout reports are due within 90 days of the end of grant support. Failure to submit timely and accurate final reports may affect future funding to the organization or awards to the PD/PI. It is the responsibility of the PI and the department to work with SPFO to resolve any shortfall of funds if there is an “overdraft” at award closeout. Note that any unexpended balance of funds will be dispersed in accordance with sponsor policies and regulations at award closeout.

Note that closeout of a grant does not automatically terminate any requirements for property accountability, record retention, or financial accountability. Following closeout, the grantee remains obligated to return funds due as a result of later refunds, corrections, or other transactions, and the sponsor may recover amounts based on the results of an audit covering any part of the period of grant support.

For additional details, consult the Division of Financial Affairs Sponsored Projects Financial Reporting and Financial Closeouts Policy and other applicable policies.