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Closing Out a Sponsored Research Award

As the official repository for all documentation related to sponsored activity at the College, the OSP maintains a file for each sponsored research award undertaken. The file includes a copy of the proposal, a signed copy of the award, all relevant financial information, including copies of payroll authorizations, invoices over $5,000 and documents requiring approval by the OSP, any correspondence between the College and the sponsoring agency, and copies of all project-related technical and financial reports. As the end date of a sponsored research award approaches, each project is reviewed by an OSP, Sponsored Research Manager to ensure that all agency-specific and College requirements have been met and that all necessary records are in the award file.

Most funding agencies require Final financial and technical reports. In general, the financial reports are prepared and submitted to the sponsoring agency by OSP, Cash Management Staff and the technical reports are prepared and submitted to the sponsoring agency by the Principal Investigator. A copy of the technical report should be sent to an OSP Sponsored Research Manager to serve as a record for the file. Please note that the failure to submit reports in a timely manner may jeopardize future funding.

It is common for invoices, which relate to expenses incurred during an approved project period, be processed after the end date of the award. In order to prepare financial reports within the time period specified by the award, an OSP Sponsored Research Manager may contact the Principal Investigator or Department Grant Administrator and request information relating to all funds encumbered at the time of the awarded end date. Depending on the policies of the awarding agency, final financial reports submitted based on this information may not be subject to revision. It is important, therefore, to accurately identify all charges for a particular project at the time the final financial report is submitted.

For those PTA Accounts that become overspent, prompt cost-transfer requests must be submitted by the department. With a cost transfer request, the department may move the excess charges to either a department GL Account or an appropriate sponsored research PTA Account if there is project relatedness established between both PTA Accounts.

In situations where all of the work was completed and all transactions were appropriately charged to the PTA Account but the sponsor is unable to pay us the total obligated awarded amount (i.e. sponsor files for bankruptcy), the Principal Investigator's department is responsible for covering those unpaid funds.

In general, close adherence to the terms and conditions outlined in the award by the sponsoring agency is necessary. Also, copies of all information pertinent to a particular award must be kept in the award file at OSP as accounts are frequently selected by outside agencies for audit.

OSP staff is responsible for coordinating audits with external auditors. It is the policy of the College that a member of the OSP staff will be present at each audit being performed by an external sponsor. At times auditors may request interviews with College personnel or wish to tour a particular College department or building. External auditors are to be accompanied by a member of the OSP staff during any such interview or tour of a College facility.

Final Technical Reports

Upon termination of the award, the Principal Investigator is responsible for submitting the final Technical Report to the sponsor within the time frame specified. Failure to submit this report in a timely manner could jeopardize future funding by the sponsor. A copy of an award's final report should be submitted to an OSP, Sponsored Research Manager.

Final Financial Reports

Sponsoring agencies usually specify how soon after an award ends when the final financial and technical reports should be received by the sponsor. In order to prepare financial reports within the time period specified by the award, the OSP Sponsored Research Manager may contact the Principal Investigator or Department Grant Administrator and request information relating to all funds encumbered at the time of the awarded end date. Depending on the policies of the awarding agency, final financial reports submitted based on this information may not be subject to revision. It is important, therefore, to accurately identify all outstanding charges for a particular award at the time the final financial report is submitted.

Contracts tend to have more reporting requirements than grants. Some of the more common reports required by contracts include:

  • Contractor's Release
  • Contractor's Assignment of Refunds, Rebates, Credits and Other Amounts
  • Patent Release
  • Government Property Forms
  • Financial Status Reports
  • Invention Statements

These reports are usually completed by OSP staff and may require input by the Principal Investigator.

Many private agencies and foundations have unique and rather extensive reporting requirements.

FLOW CHART FOR ACCOUNT CLOSE-OUT

Recent A-133 audits have strongly recommended reminding departments of closeout procedures which are outlined in A-110 on sponsored research awards.

The Office of Sponsored Projects has developed a Closeout Grid that lists department and Office of Sponsored Projects responsibilities in closing out sponsored research awards. The Closeout Grid can be viewed on our webpage by clicking onto the following link:

 

Last Updated: 1/5/11