Close Out Project

General Information

The close out phase of a project should be completed in a timely manner after the end of the approved project period. It is recommended that the closeout process begins during the last six months of the project period. The close out phase includes ensuring that project work is completed, required reports are submitted, ensuring final expenses are posted to the assigned index(es) and that final payments are received.

Forms

Roles & Responsibilities

The following is a general overview of the roles for those involved in the closeout process:

USU Principal Investigator (PI)

Coordinates with SPO to request an extension if work will not be completed by the final day of the approved project period.
Monitors available balance to avoid overspending during the final months of the project.
Ensures the final expenses post to the project index(es) in a timely manner so that final invoices can be submitted according to the contractual due date.
Avoids charging expenses that would be considered audit “red flags”.
- Equipment within the last budget period
- Large purchases of supplies or other expenses at the end of the project to spend down available funds.
Submits required technical/progress reports on time according to the sponsor deadlines.
Provides a copy of the final report to SPO for uploading into Kuali.
Coordinates with SPO to submit reports (non-financial) that require signature from an authorized official.
Coordinates with SPA to close out the award in Banner.
Coordinates with SPO to close out the award in Kuali.

Process

Six months prior to end date

PI evaluates work left to be done to determine if an extension is needed.
PI monitors index(es) to ensures that final expenses are posted to the index(es) in a timely manner.

Project Ends (0-60 days after end date)

PI ensures final expenses post to the final expenses post to the index(es) prior to the deadline for final invoice submission. (This date can be found in the award agreement.) Most awards have 45-90 days before a final invoice needs to be submitted, however expenses need to be posted to the index so that the month-end process can run for reporting purposes.
SPA submits final invoice for payment.

Close Out (61-120 days after end date)

Final payment received.
SPA submits final financial report
PI submits final technical report(s) and coordinates with SPO to submit final report(s) that require signature from an authorized official.
SPA and PI coordinate to closeout award in Banner
SPO and PI coordinate to closeout award in Kuali.

Frequently Asked Questions

Who is responsible for submitting final reports on a completed award?

There are several types of reports that may be required when the work is completed on an award. PIs should review the award agreement to ensure they understand the reporting requirements from the sponsor. Most sponsors require a final progress report and a final financial report. PIs should provide SPO with a copy of the report so that it can be uploaded into Kuali for record retention purposes.

If a PI has a report that is more than 90 days overdue, SPO will be unable to process any new awards or modifications to existing awards. SPO will also not be able to request new modifications (e.g., no-cost extension, re-budget) until the delinquent report is submitted.

If a PI has a report that is more than 180 days overdue, SPO will be unable to submit proposals to sponsors until the delinquent report is resolved. This includes proposals where the PI with the delinquent report is listed as Co-I.

Final Progress Reports: PIs are responsible for submitting final progress reports in accordance with the requirements in the award agreement. If the report requests financial information, the PI should coordinate closely with Business Services and SPA to ensure the figures reported match Banner. If a report requires a signature from an authorized organization representative (AOR), the PI should work with their SPO post-award contact who is authorized to sign on behalf of USU as an AOR. Most final progress reports are due within 90-120 days of the end date.

Final Financial Reports: Sponsored Programs Accounting (SPA) is primarily responsible for submitting required final financial reports on sponsored projects. They will coordinate as needed with the PI, Business Services, and SPO if additional details are required to be included in the financial report.

Other Final Reports: Other reports may be required for specific awards. PIs should review their award terms and conditions to determine what reports are required. They can then coordinate with their SPO post-award contact to determine who will prepare and submit the reports.

How does an award get closed out in Banner?

Business Services and Sponsored Programs Accounting (SPA) will work closely to review the financial status of an award that has ended. Once their review is completed and USU has been paid for all appropriate expenses incurred, SPA will close out the award in Banner.

How does an award get closed out in Kuali?

The SPO closeout team will email PIs to seek confirmation that the scope of work has been completed and to receive a copy of the final progress report. They will also confirm all other reporting requirements have been met and that the financial closeout has occurred in Banner. They will also confirm that any sub-awards (if any) are closed out as well. They will then close the award in Kuali.

If PIs are not responsive to closeout requests, they will be placed on a delinquent PI list. SPO will be unable to process any new awards or modifications to existing awards for the delinquent PI. SPO will also not be able to request new modifications (e.g., no-cost extension, re-budget) until the PI has provided the necessary information from the closeout request.

What should I do if I get a closeout request, but need to request an extension on the project?

If a no cost extension is needed, the PI should work with their SPO post-award contact to initiate this request prior to the end date of the project. If approved, SPO will notify the PI, SPA, and the Business Manager so that the end date can be updated in Banner and the work can continue. Requesting an extension to spend remaining funds when the scope of work has been completed is not an appropriate reason for a no cost extension.

When should the process for closing out an award begin?

The process for closing out an award should begin at least 90 days prior to the end date of the project. This best practice allows a PI to ensure they don’t overspend and that all requirements of the award are met within the approved period of performance. Ensuring all appropriate expenses are charged to the index allows Sponsored Programs Accounting (SPA) to finalize any invoicing requirements and reduce the risk of unrecoverable costs.