Office of Comptroller
Project Closeout
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.