As the end date of a sponsored project award approaches, each project is reviewed by the Sponsored Research Manager assigned to that sponsored project award to ensure that all agency specific and College requirements have been met and that all necessary records have been documented.
Closing Out a Sponsored Project Award
As the official repository for all documentation related to sponsored activity at the College, the Office of Sponsored Projects maintains all pertinent documents for each sponsored project award. These documents include a copy of the funding proposal, copy of the notice of award, invoices over $5,000, documents requiring approval by the Office of Sponsored Projects or the sponsor, any correspondence between the College and the sponsoring agency, and copies of all project related financial and closeout reports.
Most funding agencies require final financial and technical reports. In general, the financial reports are prepared and submitted to the sponsoring agency by the Office of Sponsored Projects. The technical reports are prepared and submitted to the sponsoring agency by the Principal Investigator. Please note that the failure to submit reports in a timely manner may jeopardize current and future funding from the sponsor.
For those PTA Accounts that become overspent, prompt cost transfer requests must be submitted by the Department Grant Manager in a timely manner. With a cost transfer request, the Department Grant Manager may move the excess charges to either a department GL account or an appropriate sponsored project 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.
The Office of Sponsored Projects is responsible for coordinating audits with external auditors. It is the policy of the College that a member of the Office of Sponsored Projects will be present at each audit being performed by an external sponsor or audit firm. 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 Office of Sponsored Projects during any such interview or tour of a College facility.
Final Financial Closeout
Please click on the below link that provides financial guidance in closing out sponsored project awards.
As a grantee or contractor, Dartmouth College is responsible for retaining records related to a sponsored project award. Federal record retention requirements can be found in Subpart D § 200.333 of the Uniform Guidance which states "Financial records, supporting documents, statistical records, and all other non-Federal entity records pertinent to a Federal award must be retained for a period of three years from the date of submission of the final expenditure report or, for Federal awards that are renewed quarterly or annual financial report, respectively, as reported to the Federal awarding agency or pass-through entity in the case of a subrecipient." Please refer to your specific award terms and conditions which may vary.
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.
Final Financial Reports
Sponsoring agencies usually specify how soon after an award ends when the final financial should be received by the sponsor. It is common for final transactions, 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, the Sponsored Research Manager assigned to that award will contact the Department Grant Manager and request information relating to all funds encumbered at the time of the awarded end date which includes asking for copies of outstanding transactions.
Final financial reports are only revised if it is determined that we have over-reported final transactions. Only in extenuating circumstances will we revise a final financial report in which we have under-reported final transactions. It is important, therefore, to accurately identify all transactions for a particular sponsored project 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
These reports are usually completed by the Office of Sponsored Projects and may require some input by the Principal Investigator.
Many private agencies and foundations have unique and rather extensive reporting requirements.