Prior to beginning closeout procedures, the appropriate regulations governing the respective award should be consulted to assure that all reporting requirements will be met. SPA will contact the Principal Investigator (PI) 30-60 days prior to the end of the grant period to discuss remaining fund availability and a possible request for a grant extension.
All financial, performance and other reports, as required by the terms and conditions of federal grant awards, must be submitted within 90 calendar days after the end of the stated budget period of the award.
On federal awards, invoices from vendors and consultants, wage payments to staff, and closeout of encumbrances and subawards should all be resolved before the 90-day deadline. Also, any transfer of costs appropriate to the award must be made within that same 90-day period.
All direct costs to be charged to a federal grant must be related to goods or services received or encumbered (based on a purchase order) before the end of the grant period. Note that costs can only be encumbered for goods or services that directly benefit your project/program. Please consult with your grants accountant at least 30 days prior to the end of the grant period in order to identify any direct costs that may be encumbered.
State and Private grantees should refer to the terms of agreement on the award to determine closeout requirements.
The Principal Investigator (PI) is responsible for filing the final programmatic report with the sponsoring agency. A copy of the final report must also be submitted to SPA.
Financial closeout requirements vary according to awarding agency. The closeout process will almost always include a final financial report. This report is the responsibility of SPA. SPA will work with the PI to ensure that all final expenses are posted, all revenues deposited, and encumbrances liquidated. A copy of the final report submitted to the sponsor is available to the PI upon request.
Disposition of equipment purchased with grant funds is an important issue to address with regard to closeout requirements. Disposition of equipment acquired under the grant is subject to the specific regulations of the funding agency and begins with the determination of which party has title to the equipment (grantee vs. grantor).
If any capital asset has fallen below $5,000 of fair market value, that asset may be retained without compensation to the government (§200.313 (e)(1)).
Equipment retained by Drake University must remain on the University fixed asset inventory records. If equipment is no longer needed for the original project, Drake's disposition procedures should be followed.
Title to supplies and other expendable property shall vest in the grant recipient upon acquisition. However, if there is a residual inventory of unused supplies exceeding $5,000 in total aggregate value upon completion of the project and the supplies are not needed for any other federally-sponsored project, Drake shall retain the supplies for use on non-federal sponsored activities or sell them, but shall in either case reimburse the federal government (§200.314 (a)).
In the event that a principal investigator chooses to leave an institution prior to the conclusion of a funded project and seeks to transfer that project to his/her new institution, the federal government may accommodate that request through a process of terminating the existing award at the original institution and making a new award to the new institution.
Most agencies have defined procedures for such a transfer. In addition, equipment purchased under the grant that is subject to transfer is also identified at this time.
If the timing of the transfer is close to the end of the grant or no-cost extension, a subaward may be issued to the new institution for the duration of the award period.