It is the responsibility of the closeout team to review each project and award for compliance with award contracts, university guidelines, and federal rules and regulations. The university's goal is to close every project within 180 days after the end date.
Our team reviews the following:
- Reported costs are allowable, allocable and directly beneficial to the project
- Expenses do not exceed the budgeted amount
- Charges added near or after the end date are justified
- Residual cash, issue a refund to the sponsor or transfer a leftover balance on fixed-price contracts
- Correcting any issue that is preventing the project from being closed, by solving it directly or working with the correct contact to help with the solution.
Review the sponsored projects closeout procedures.