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Award Closeout
The closeout of a sponsored project is a critical component of its lifecycle and requires timely and thorough review and action to ensure the satisfactory conclusion of the research. While specific processes may vary by sponsor and funding mechanism, award closeout ultimately signifies the completion of all required work and associated administrative actions.
Process
- The Principal Investigator (PI) is responsible for the sound management of awards. PIs are required to complete technical reports and ensure the review and confirmation of all award-related activities, including expenditures, technology, property, and other reports required per the award's terms and conditions.
- The Research Support Team (RST) member serves as the point of contact for the PI and assists with finalizing and adjusting award expenditures and balances, reviewing and completing administrative information required for closeout reporting, and requesting the Authorized Official’s signature via the Award Modification Request in myResearch.
- The Office of Sponsored Projects (OSP) award specialists are responsible for establishing non-financial closeout deliverable reminders in myResearch, reviewing and submitting reports that require the Authorized Official’s signature, and completing and submitting technology and property reports.
- Grants and Accounting Services (GCAS) is responsible for the final billing, collecting outstanding accounts receivable, submitting the final financial report, and managing the disposition of residual funds. GCAS holds sole signature authority for the preparation and submission of financial reports and invoices on sponsored projects.
Resources
- OSP Award Management SharePoint Site: Reporting and Closeout (GW Login Required)
- Manage and Complete Deliverables in myResearch (GW Login Required)
- Financial Reporting: Grants and Contracts Accounting Services
- Labor and Effort Reporting
- Equipment: Fixed Asset Management
- Financial Details: PI Dashboard
- GW Residual Fund Transfer Procedure
- Uniform Guidance: 200.344 Closeout
Frequently Asked Questions
- What is an award closeout period?
The closeout period of an award starts after the award end date. The length of the closeout period can vary depending on the sponsor and is driven by the terms of the fully executed notice of award. Many federal agencies allow up to 120 days to complete the closeout activities; some private organizations may allow a shorter period. At GW, preparation for the financial closeout begins 90 days before the award end date to facilitate timely review and completion of fiscal activities. The non-financial reports do not necessarily require the 90 days preparation period and are only subject to the sponsor deadlines.
- What are closeout activities?
Award closeout activities generally include review, verification, submission, and certification of information relating to award finances, technical research, patent or property reporting and disposition.
- How does GW ensure accurate and effective management of award closeout processes?
GW assigns specific responsibilities to RSTs, OSP and GCAS to support PIs in the award closeout process. Additionally, GW utilizes myResearch to track and monitor deliverables and upcoming reporting deadlines. The research community also has access to the PI Dashboard, an online tool that provides both summarized and detailed financial and labor effort data related to awards.
- How does GW manage award balances on fixed price or fixed amount awards after closeout?
The determination and management of residual funds on a sponsored project negotiated on a fixed price or fixed amount basis is the responsibility of GCAS. Residual fund transfers are distributed in accordance with the Residual Fund Transfer procedure. Residual funds must be utilized by the designated department with the approval of the dean of the school to further enhance the sponsored project-related activities of the department. The PI and the department are responsible for ensuring residual funds transferred are spent in accordance with university policy.
- What are the potential indicators of a successful award closeout?
Certain sponsors issue a final closeout award modification. An award is considered closed when the sponsor accepts and approves the submitted reports. Additionally, GW’s GCAS changes the award status from active to closed once the financial reports have been submitted. Finally, myResearch can be consulted to verify that all required deliverables have been submitted.
- Why is the sponsor requiring additional release forms if the required reporting is complete and approved?
Some sponsors require a contractor release form to formally close out the grant project. The form typically includes a signed certification from the grantee confirming that the work is complete, provides updates on inventory, property and patents, and confirms that there are no outstanding liabilities or disputes. Remember, only OSP is authorized to sign on behalf of the university.
Support
- For research support team (RST) contact information, click here.
- Office of Sponsored Project Teams
- Grants and Contracts Accounting Services (GCAS)