Best Practices – Award Closeout
Best Practices - Award Closeout Heading link
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Know when your award is ending
90 days prior to the project end date, the business manager receives an email reminding them of the approaching end date. OSP should be informed immediately if the project will continue past the scheduled end date.
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Start preparing early
Prior to the scheduled end date, the specialist who manages your award will send a notification to your unit, relaying any relevant information and confirming the end date. This also serves as a notification of the following items, when applicable:
- Discovery and completion of necessary F&A or tuition remission adjustments
- Open purchase orders or encumbrances
- Balances or overdrafts
- Rogue Charges
- Possible unallowable charges
- Other apparent issues
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Identify applicable trailing charges & confirm final expenses
After the award has ended, the grant specialist will follow up with the unit to verify applicable charges posting after the end date of the award (i.e. trailing or after-term charges) and confirm final expenses.
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Work with OSP to submit final reports and invoices
If required, they will work with the unit to submit financial reports and final invoices. Specific requirements vary by sponsor; details are contained in your award document as well as instructions for the disposition of an unspent balance.
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Complete all closeout tasks within 90 days
Major tasks to complete prior to closeout:
- Confirm submission of progress reports, financial reports or final invoices
- Update HR appointments to avoid salary posting beyond the allowable period
- Update all service center accounts that are associated to the expired grant C-FOAP (e.g. telecom, BRL, RRC)
- Ensure all project related expenses have posted
- Confirm that expenditures have been charged according to the budget
- Identify and remove unallowable expenses
- Clear overdrafts, rogue transactions, and program advances
- Process any necessary cost transfers
- Finalize subrecipient invoice payments
- Close purchase orders
- Remove unallowable after-term charges
- Ensure any committed cost sharing has been incurred and appropriately documented
Follow the UIC Sponsored Project Closeout Checklist to ensure that departmental closeout tasks are completed in a timely manner.
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Resources:
- OBFS Policy Sponsored Projects Closeout
- UIC Sponsored Project Closeout Checklist
- Closeout Procedures, from Uniform Administrative Requirements, Cost Principles, and Audit
- Requirements for Federal Awards (Section 200.343)
- Closeout Training Materials
- Unallowable Costs
- Cost Transfers
- Subrecipient monitoring
- HHS closeout timeline