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Award Closeout

OVERVIEW:   PIs are responsible for overseeing the proper closeout of sponsored projects and the timely submission of all required reports including final technical reports.  While the Research Administration Office prepares and submits many reports such as financial, property, or inventions and new technology, these are completed on the basis of documentation created by the department.  PIs must assure that such documentation is adequate, accurate, and readily available.  In addition, the PI is responsible for ensuring necessary final financial adjustments are resolved promptly at the end of the award. 

If the award will be extended or renewed:

  • please ensure all technical reports are current and up-to-date
  • email OCG Grants if requesting a no cost extension
  • email OCG Contracts if the extension requires a contract modification 

If this is a continuation award that will require a new speedtype for the next year’s funding, contact OCG Grants to establish a pre-award spending account to handle expenditures incurred past this speedtype’s end date

If you are preparing to close an award, please perform the checks listed below to ensure timely, accurate, and complete closure

AT 90 DAYS PRIOR TO AWARD END DATE:

90 day form

  1. Monitor burn rate to date to uncover underspending and potential overspending.
  2. Equipment and property purchases charged to the award should be finalized.   Equipment ordered after this date needs sponsor approval or a written justification to explain the special circumstances for this exception.
  3. Check your agreement terms for final invoicing instructions.   (Contact SPA Billing)   If the terms for this award require an “early invoice” (one that is due less than 60 days after the end date), begin reviewing the award’s financial records now to ensure all valid, allowable expenditures will post to the award in the month before the final invoice is due.
  4. Contact sub-awardees to notify them of the date by which final reports and a final invoice (clearly marked as “Final”) must be received to ensure payment.    (Contact OCG Subcontracts)   
  5. Will all cost share commitments be fulfilled by the end of the award?  (Contact SPA Cost Share Accountant) Start working now to:
    • ensure funds are transferred to c/s speed type and expenditures are posted per c/s agreement,
    • obtain all documented in-kind contributions to provide to Cost Share Accountant,
    • confirm with subawardees that their c/s commitment will be fulfilled and reported, if applicable

AT 60 DAYS PRIOR TO AWARD END DATE:

60 day form

  1. Continue working on any incomplete checks still outstanding from the 90-day list above.
  2. Labor charges:
    • Confirm salary is charged correctly to the project
    • Arrange with PI to transfer excess salary to another speedtype
    • Revise personnel appointments paid from this award so they are paid from another funding source as of project end date
  3. Are tuition charges on the award associated with the correct student?

  4. Verify all equipment expenditures are appropriately charged and accounted for.  Handle appropriate cost transfers

  5. Are all expenditures allowable, allocable, reasonable and consistent with the terms of agreement? (Written justifications are required for unbugeted expenses of computing supplies, postage, FedEx, administrative salary, membership fees, etc. Written sponsor approval is required for unbudgeted administrative salary on awards granted after 12/26/14).

  6. If there is a fabrication, ensure all its component expenses are appropriately charged as a fixed asset and to the correct tag number.  Notify Property Accounting Office of fabrication completion.
  7. Is there government property on this award? Contact OCG (ocgproperty@colorado.edu) to schedule an inventory in preparation for final report. Have we requested or recieved disposition?

 

AT 30 DAYS PRIOR TO AWARD END DATE:

30 day form

  1. Complete all previous checks that have not yet been addressed and work on the final closeout steps.
  2. Have all charges been processed and posted (purchase orders, procurement card purchases, and travel reimbursements)?
  3. Close encumbrances that are no longer needed.  (Email  >Changeorder@cu.edu)   
  4.  If any inventions, patents, or copyrights have resulted from this award, verify that the appropriate paperwork has been sent to Technology Transfer Office.     (Email  TTOContact@cu.edu)  If no new technology resulted from this award, notify OCG.    (Email ocgcloseout@colorado.edu)

  5. Are all ePERs certified?  (Contact SPA Effort Reporting Accountant)
    • If ePERs will be not be released until after the project end date, ensure the salary amounts for all personnel paid in that semester are correct so their ePERs can be certified when they are generated
  6. Verify that project is current with all prior technical reports.   Confirm project PI is working on the final technical report to be submitted before the required deadline.

 

 

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