Project funds should be closed in a timely way to satisfy obligations to the sponsor and university accounting.
OMB (Office of Management and Budget) 2 CFR §200.343 details the university's requirements for a complete and timely submission of financial reports and other documents necessary for the closure of federal grants and contracts. Failure to adhere to the requirements for one project can result in the sponsor withholding funding from the entire university. Regardless of the funding source a sponsored project will likely have closeout requirements consisting of final technical and fiduciary reports. Sponsors usually detail closeout requirements in the award document.
The PI should ensure that all expenses have posted to the project. Adjusting payroll reallocations should be posted during the budget period and it is important for the PI to update payroll forms to change salary distributions to a new funding source prior to the termination date of the award.
Final Technical Report
The PI is responsible for the timely submission of the final technical report.
A copy of the cover letter or e-mail transmitting the final technical report should be sent to the Research Accounting Services Research Accountant for the file.
prepares the project financial report, often in consultation with the PI. In order to prepare financial reports within the time period specified by the award, the PI must ensure that all expenses have posted to the project.
Most sponsors require the University to disclose any inventions made pursuant to the project work at the close of the project. For more information on this process, please visit the Drexel Applied Innovation website.
Property & Equipment
Research Accounting Services has the responsibility for submission of any required Property and Equipment reports. The PI should provide this information to the Research Accounting Services Research Accountant upon request.