Closing Out an Award
Various activities are required by ORSP staff, the Department and the PI to close out a sponsored project or award. Some of these activities involve reporting obligations to the sponsor, financial reconciliations, forms and reports for the institution and account closeout tasks.
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How to Close Out an Award
Research Compliance Closing
If your research project has met all of the criteria to be closed, the PI must also submit a Final Report to the appropriate compliance committee (i.e., IRB, IACUC, or IBC). Please refer to How to Close a Project in IRBNet.
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Final Invoices & Reports
Upon termination of the project, the Grant & Contract Administrator(GCA) will review the award and work with the Department Administrator to determine the final figure that will be reported to the sponsor on the financial report or final invoice. As part of the closeout process, the Department Administrator needs to do the following (if necessary):
- Notify internal departments and payroll of FOAP changes for recurring costs such as printing, telephone, postage and salary/fringe.
- Promptly transfer all erroneous charges, clearing deficits
For most Federal awards, final financial reports must be submitted within 120 days from the award end date and final expenditures that were incurred within the period of performance must be charged to the grant fund within 90 days. Non-federal deadlines may vary by sponsor. To meet the sponsor deadlines, there needs to be clear and timely communication between Department Administrator and GCA. The GCA will submit the final financial report/invoice to the sponsor upon agreement with the department once the final figure is reported.Subaward Invoices
FDP - 60 Days
DU Template 30 DaysIn order to accurately report expenditures to the prime sponsor, final Subagreement invoices must be submitted in accordance with the terms set out in the agreement, at a minimum 30 following the end date of the Subagreement. It is the responsibility of the Department Administrator and PIs to ensure that Subagreement invoices are being submitted and processed in a timely manner.
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Overrun
Overruns cannot be resolved by transferring the deficit to another sponsored award. The Department needs to transfer the overrun to an department operating fund within three months of the award.
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Unallowable and Unallocable Costs
Unallowable and unallocable costs are defined as sponsored project expenditures that are not in compliance with OMB Uniform Guidance, University of Denver policy or the sponsor’s terms and conditions. The University of Denver cannot request reimbursement for the payment of any of these costs. Some examples include:
- Alcohol
- Advertising and public relations costs
- Bad debt
- Donations and contributions
- Entertainment costs
- Fines and penalties
- Goods and services for personal use
- Housing and personal living expenses
- Pre-award costs unless allowed by the sponsor
- Selling and marketing