University of Vermont

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Sponsored Project Administration - SPA

217 Waterman Building . 85 South Prospect Street . Burlington, Vermont 05405 . (802) 656-3360

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Close Out Award

The last step in a sponsored project’s life cycle, whether cost reimbursable or fixed price, is close out.

A key feature of any close out is the on-time submission of all technical, financial, and other required reports to the sponsor.

On-Time Reporting

Federal awards:

  • For most, all federal grants and contracts final reports are due no later than 90-120 calendar days after the expiration date of the award.

Non-federal awards (state, industry, non-profits, etc)

  • The closing procedures vary, depending on the policies of the sponsor. 
  • Please check your award document for specifics. 
  • Non-federal sponsors normally have a shorter timeline than federal awards

Delivering Reports

Most sponsor will provide clear instructions on how to submit reports in the award document or on their website.

  • For NIH all reports are submitted using eCommons
  • For NSF all reports are submitted using Research.gov
  • For NIFA all reports are submitted using REEport

Project is Ending – Early Reminders

  • With federal sponsors being more critical of Institutions and late reporting, SPA will now deliver early notification emails to the Principal Investigators that their project is due to expire within 90 days, and then at 45 days prior to the award’s expiration date. Finally, SPA will deliver a day 0 notice indicating the project is now expired.  
  • The early reminders ask the Principal Investigator to review the project with their business unit administrator and take appropriate actions, like finish on time, begin the fiscal close, or request a no-cost extension).

The Financial close Close

The financial close of a project is a shared responsibility that involves the PI, the business unit administrator and your SPA designated SPA Financial Analyst

The folloing tasks are completed as part of the financial close:

  • Review all expenditures to ensure that all posted transactions are award-;reated and accurate. Transfer expenses that are deemed unallowable.
  • Ensure any PurCard transactions are appropriately allocated.
  • Confirm all required payroll entries have been posted. There cannot be any payroll charges after the award end date.
  • Verify that final transactions from other department, if applicable, have posted.
  • Verify that all subcontractors' final invoices, if applicable, have been received and accounted for.
  • Verify cost sharing expenditures, if required, are properly coded and recorded.
  •  Spending in excess of the authorized amount must be transferred to an appropriate funding source. 
  • If agreement allows the unexpended balance on a fixed price contract or grant to be retained by the University, the PI needs to request that SPA transfer the applicable residual balance, in accordance with UVM's UOP on Residual Balance Transfers (pdf).

Fixed Price Award Close Outs

  • Agreements where the sponsor agrees to pay the University a firm price for an agreed-upon body of work, regardless of the costs incurred for completing the work, are called fixed price agreements.
  • Typically there will be little or no unspent balance on fixed price agreements if proposed costs have been correctly estimated and charged and all deliverables have been met.  
  • In cases where an unspent balance, or residual balance, remains at the conclusion of agreements the project will be closed in accordance with the University Operating Procedure:  Residual Balances on Sponsored Agreements

Award Close Out Reports

Authorized Official Representative
Final Technical Report
  • The Project’s Principal Investigator is responsible for timely submission of the final technical reports. 
  • Specific sponsor requirements for the technical reports are usually defined in the award package. 
  • When the report is completed, the Principal Investigator may submit it directly to the sponsor.
Final Financial Report
  • Depending on the sponsor final fiscal reports are due anywhere between 30 -120 days after the expiration date of the award. 
  • The fiscal reports are prepared by SPA Financial Analyst. 
  • After the Principal Investigator or business unit administrator are given the opportunity to review to make sure all expenditures are accurately recorded, the SPA Financial Analyst will submit to the sponsor.  
  • Carryover of Unobligated Funds: Where carryover of unobligated funds requires sponsor approval please follow the sponsor’s directions to request Carryover of Unobligated Funds.
  • For fiscal reports that require a certification of charges, SPA will provide the statement similar to the following; "I certify, to the best of my knowledge, that all expenditures reported are appropriate for the purpose and in accordance with the agreement set forth in the application and award documents."
Final Invention Report
  • Most federal sponsors require both negative and positive invention reports. 
  • Where invention reports are required, your unit's SPA Research Administrator will collect the information needed and will coordinate with the Principal Investigator.
  • In addition, if an invention was made in whole or in part with project funding, unit's SPA Research Administrator will coordinate the disclosure information with UVM Innovations, Office of Technology Commercialization prior to submitting the report to the sponsor.  
Final Property Report
  • Most grants and contracts do not require a final property report. 
  • Where property reports are required, the SPA Financial Analyst assigned to your unit will coordinate with UVM's Property Office to ensure the reports are completed accurately.
Delinquent Reports
  • It is important that reports are submitted on time.
  • Some agencies will not release new funds to a Principal Investigator, or even to the UVM until all final reports have been submitted. 
  • If a principal Investigator is non-responsive after a third notice, SPA may actively engage with Chairs and/or Deans to ensure reports are submitted in response to delinquent notices.

Last modified June 21 2018 03:58 PM

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