Project Closeout
The following guideline pertains to awards for which the Research Foundation is required to submit final administrative materials (invoice, fiscal and patent reports, etc.) within the ‘standard’ 90 days after the end date. The timeframe may change if a sponsor has other requirements.
60-90 days before a project ends, the sponsored program officer contacts the PI with a list of steps that need to be completed to ensure orderly project close-out. PI responsibilities include:
- Ensuring that all personnel are moved to another project or a department fund at project end
- Ensure all required cost sharing is documented
- Reviewing outstanding commitments and informing RF Purchasing (using the PI Portal e-mail) of those that can be relieved
- Reminding subcontractors that a final invoice must be submitted within 45 days of the subcontract end date
- Ensuring that all project costs are incurred by the project end date
- Resolving any potential project overexpenditures
- Completing final technical report or other project deliverable
Department Chairs are informed if there is likely to be a project overexpenditure.
Costs will continue to post to the project for up to 60 days after the end date e.g., final month’s payroll, payments for orders placed close to the end date, etc. During this time, the PI and department can also make cost transfers necessary to correct errors or overexpenditures.
60 days after the end date, the project will be closed to further activity and RF Fiscal Services will prepare the final invoice to the sponsor, as well as any required fiscal and administrative reports (e.g., patent and property reports).
Within 30 days after the final invoice is submitted, RF Fiscal Services will transfer any project overexpenditures by Interdepartmental Bill (IDB) to the appropriate organizations.
Any funds remaining on a fixed price award will be transferred to the PI’s residual funds project.
Costs that continue to post against a closed project (e.g., appointments that have not been removed, UNITS charges that have not been redirected) will be transferred monthly by IDB to the appropriate organizations.