The last step in the grant and contract’s life cycle is Award Closeout. Award Closeout is the final reconciliation and reporting of expenses and activities. This involves reviewing project expenditures, resolving open commitments, ensuring subcontract invoices have been received and paid, removal of unallowable cost including overdrafts and preparing required final reports and deliverables for submission to the sponsor.
The Award Closeout process is a collaborative effort between investigators, administrators, and Grants and Contracts. Failure to submit reports by the deadline can result in suspension of the university from receipt of additional funding, reimbursement for current costs, and ability to submit future proposals. The University closeout procedures were developed to ensure that all sponsor requirements are met in accordance with federal Uniform Guidance standards.