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Scope

This policy provides authoritative guidance for the University in closing all sponsored agreements managed in the PeopleSoft Grants Module.

Reason for Policy

To provide guidance to make certain the University complies with Uniform Guidance.

Policy Statement

Each campus sponsored programs office (SPO) should provide to departments a notification that an agreement is ending prior to the award end date.

• Departments complete Timely reviews of each project/contract to ensure that charges posting to the ChartField are applicable and allowable and incurred within the Period of Performance.
• All charges which are found to be unallowable must be moved to another ChartField Timely.

Every award will specify a time span at the end of the award in which the University is required to submit all final financial and technical reports. For all Federal awards, the University is required to submit, no later than the due date after the end date of the period of performance, all financial, performance specified in the award document, and other reports required by the terms and conditions of the award (OMB Uniform Guidance §200.343).

• Departments provide all necessary reconciliations, receipts, and other documentation to SPO and/or sponsors upon request.
• Unless the Federal awarding agency or pass-through entity authorizes an extension, the University must draw or submit a request for reimbursement for obligations incurred under the Federal award no later than the due date specified in the award document.

At the end of an award, the SPO will verify that all invoices have been received from the subcontractor before preparing a final financial report or final invoice for the prime agreement.  The SPO will work with campus departments and PIs to ensure pending expenditures are captured in the final invoice and/or final financial report.

Following completion and submission of final financial report SPO must complete a Closeout review, providing all pertinent information related to the closing of the agreement.

Definitions

Reporting Period - span of time from the final day of availability for award funds until the due date for final financial and technical reports.

Period of Performance - the period established in the award document during which Federal sponsorship begins and ends.

Timely - within two accounting periods.

Accountabilities

Campus SPO:

• Monitor grants as they near their end-date and ensure compliance with the Notice of Grant Award.
• Ensure cost-share and program income requirements have been met.
• Submit all financial reports Timely.
• Prepare a closeout review of an award’s status at closeout Submit all reimbursement requests in a Timely manner
• These responsibilities may be modified or added to by SPO based on the requirements of a particular NGA.

Campus Departments:
To ensure compliance with the terms and conditions of each award, departments on all campuses must complete the following tasks:

• Perform and document review of sponsor funded and cost share ChartFields in a Timely manner—ensuring that project, cost-share and program income costs are allowable, allocable, and incurred within the Period of Performance.
• Transfer invalid or inappropriate expenses within established guidelines for timeliness of the transaction posting date.
• Ensure payroll for personnel on ChartFields are re-allocated as appropriate.
• Clear all payroll and purchase order encumbrances before half of the final Reporting Period has expired.
• Work with Procurement and Campus Accounting to capitalize and track equipment appropriately.
• Ensure cost-share and program income requirements of the NGA are met.
• Clear any deficits incurred, or excess income earned, on the project.

Additional Details

Forms

Related Information

History

Formerly Accounting Policy Manual 60.20 – Award Closeout (revised 12/26/2014)

Procedure