Financial Closeout
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Closeout Tools
As part of the closeout process, the specialist who manages your award will work with your unit to confirm that reports and final invoices reflect accurate and allowable expenses.
Two tools may be used in order to do so: the After Term Report (ATR) and the Report of Expenditures Worksheet (ROE).
After Term Report:
After term charges are applicable and allowable costs incurred within the project period but posting after the end date of the award. The After Term Report may be used to identify these charges. The ATR will be sent by the grant specialist to the business manager. The business manager should review the report and indicate which expenses should be included in the final financial report. If there are subsequent charges that have not yet posted to Banner, these should be noted in the report. Justification and backup documentation (i.e. copies of invoices) for subsequent charges must be provided.
Additional information is available in:
- After Term Report – Department User Guide.
- Sponsored Award Closeout: Using the After Term Report Video
- Note: there have been a few changes to the ATR since this video was made:
- Personnel and Non-Personnel expenses are in separate tabs for each fund
- Some columns have been rearranged & sorting order is changed.
- Note: there have been a few changes to the ATR since this video was made:
The specialist who manages your award can provide additional guidance for completing the After Term Report.
Report of Expenditures Worksheet:
The Report of Expenditures (ROE) may be used by the grant specialist to summarize final expenses. Unallowable costs and overdrafts must be transferred by the unit as soon as possible (no later than 60 days after award end date) to reconcile Banner to the final ROE. The ROE will be used to prepare the final invoice or report.
Note that the ATR and ROE may also be used when an interim report or final invoice is needed even when an award is continuing, especially when automatic carryforward to the next budget period is not allowed by the sponsor.
Final Invoices
Some cost-reimbursable awards require a final invoice at the end of each budget period or at the end of the award. A final invoice is an invoice that includes any trailing charges related to the period of performance. Final invoices are usually due 30-90 days after the end date of the award.
For the final invoice:
- Allowable and applicable trailing charges must be identified by the business manager to be included in the final invoice.
- All transfers and subsequent charges must be posted by the applicable deadline (see OBFS Closeout Policy).
- The Banner budget may be reduced to match the cumulative amount indicated on the final invoice.
For awards with multiple budget periods, the award document will describe whether unspent funds from one period can be used in subsequent periods (i.e. automatic carryover).
- If automatic carryover is NOT allowed a final invoice is required each year.
- If automatic carryover IS allowed a final invoice is only required after the final award end date.
Resources
Financial Reporting
A financial report is a deliverable that may be required as part of an award closeout or interim reporting. A Financial Status Report (FSR) demonstrates to the sponsor that funds were spent properly according to the terms and conditions of the award. For most awards, reports are due 30 – 90 calendar days after the budget or project end date.
The specialist assigned to your award is responsible for the submission of most financial reports. The process is collaborative, and the specialist will work with the unit’s business manager to confirm expenses.
Final Reports
While preparing the final financial report, the grant specialist may send the following reports to the business manager to confirm expenses:
- After Term Report (ATR): helps determine applicable after term costs to be reported
- Report of Expenditures (ROE): highlights final expenses to be reported as well as any necessary adjustments
The University of Illinois has a responsibility to close out completed sponsored projects in compliance with federal regulations, sponsor policy, and award terms and conditions. Office of Management and Budget (OMB) Uniform Guidance (2 CFR 200.343 Closeout) require that final financial, performance, and other reports be submitted within 90 calendar days after the project end date (consult your award terms and conditions for specific deadlines as some reports are due earlier or later than 90 days). Incorrect or late financial reports can result in audit findings, uncollectible receivables, additional reporting requirements, and more restrictive terms and conditions on future funding.
Resources: