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guidelines:opm:close_out_project [2015/09/25 16:36]
cpn091020 [Procedure]
guidelines:opm:close_out_project [2019/07/30 19:37]
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-====== Close-Out of a Project ====== 
- 
-===== Purpose ===== 
-An Award is closed out when it is determined that no further date or funding extensions are provided. Close Out refers to the activities that end an active Sponsored Project. The closeout process for sponsored projects is a post-award activity and is handled jointly by Post-Award Management and Accounting and Financial Reporting 
- 
-===== Procedure ===== 
-There are several tasks that the PI, administrator and OSP performs to end the award the Sponsored Project. The following table highlights the remaining Close Out activities. 
- 
- 
-^  Project Closeout Checklist ​ ^^ 
-^ Task ^ Completed Y/N ^ 
-| **From -90 Days to Project End Date** || 
-| **Changes that need processing** || 
-| Prepare HR appointments from grant to other as appropriate |  | 
-| **Expenses related to the project** || 
-| Ensure that all project-related expenses are posted |  | 
-| Confirm that salaries are charged according to the budget or within sponsor permitted re-budgeting authority |  | 
-| Ensure any committed cost sharing is incurred and appropriately documented |  | 
-| Identify and remove unallowable expenses |  | 
-| Clear overdrafts, program advances, etc. |  | 
-| Process necessary cost transfers (IDT Journals, Labor Distributions) |  | 
-| Remind sub-recipients to submit final invoices and reports by due dates |  | 
-| Identify outstanding invoices from vendor and purchases that have not arrived |  | 
-| **From Project End Date to +45 days** || 
-| **Changes that need processing** || 
-| Ensure no active appointments are associated to the expiring grant | | 
-| Change PCARD default Cost Center || 
-| Notify any other users of the fund that project has ended | | 
-| **Expenses related to the Award** || 
-| Ensure that all project-related expenses are posted | | 
-| Confirm that all facilities and administrative costs are assessed | | 
-| Close or change Purchase Orders | | 
-| Remove unallowable after-term charges | | 
-| Confirm sub-recipients final invoices are paid | | 
-| Confirm all adjusting financial entries are posted, including removal of overdrafts | | 
-| **From +45 days to + 90 days** || 
-| **Reporting related to project** || 
-| Confirm that PI has met technical reporting requirements/​deliverables | | 
-| Confirm that financials and cost share reporting requirements are met | | 
- 
-OPM monitors the end dates to make sure the close-out process is commencing after the end date of the grant to make sure all expenses have cleared and been billed for. 
-  * Valid expenses have 45 days to hit the Award after its end date and billed to the sponsor. ​ 
-  * When all invoices are paid and necessary final financial reports are filed with the sponsor by the Office of Finance, no later than 90 days or sooner if the contract requires, the Sponsored Project is considered closed by OPM.  
-  * No additional notice is sent from OPM to Finance and the closeout is automatic based on the end date of the award+ 90 days. 
-  * Any overages are sent to the department so it can complete an IDT to remove those expenses from the grant. 
-  * Post-Award then changes the bill plan and revenue plan to "​completed"​ in order to change the contract line to "​closed"​. The project status is also changed to "​closed."​ 
-  * OPM indicates on its weekly spreadsheet which grants have been processed through the close out process as reference for the Office of Finance. The information includes: 
-    * Name of PI 
-    * Project number 
-    * Cost center 
-    * How much is left in the budget 
-  * If the grant is monthly reimbursable,​ the Office of Finance does not need to move any funds. 
-  * If the grant is deferred revenue, OPM indicates, in compliance with the award, whether the PI can keep any unspent funds or not. 
-    * If the PI can keep the funds, Finance transfers the unspent funds to the cost center indicated by the department. 
-    * By default, federal sponsors require the unspent funds be sent back. Finance processes a check and send it to the sponsor 
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-{{:​guidelines:​close-out-project.png?​nolink|}} 
- 
- 
-=== Related Policies and Procedures === 
- 
-{{:​guidelines:​opm:​policy_charge-allowable_costs.docx|Allowable Cost on federally funded Contracts and Grants}} 
- 
-[[guidelines:​opm:​funding_cost_share|Funding Cost Share -Procedure]] 
- 
-[[guidelines:​opm:​cost_transfer|Cost Transfers - Procedure]] 
- 
-If you have any questions regarding this procedure, contact Office of Post Award Management at ext. 4540 or via email at [[mailto:​kellymc@utdallas.edu|kellymc@utdallas.edu]].