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guidelines:opm:close_out_project [2015/10/29 21:43]
cpn091020 [Purpose]
guidelines:opm:close_out_project [2016/04/07 21:42]
cpn091020
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 ===== Purpose ===== ===== 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 close-out process for sponsored projects is a post-award activity and is handled jointly by Post-Award Management ​and Accounting and Financial Reporting.+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 close-out process for sponsored projects is a post-award activity and is handled jointly by Post-Award ManagementAccountingand Financial Reporting.
  
 ===== Procedure ===== ===== 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.+There are several tasks that the PI, administratorand OSP performs to end the award the Sponsored Project. The following table highlights the remaining ​close-out ​activities.
  
  
-^  Project ​Closeout ​Checklist ​ ^^+^  Project ​Close-Out ​Checklist ​ ^^
 ^ Task ^ Completed Y/N ^ ^ Task ^ Completed Y/N ^
 | **From -90 Days to Project End Date** || | **From -90 Days to Project End Date** ||
 | **Changes that need processing** || | **Changes that need processing** ||
-| Prepare HR appointments from grant to other as appropriate |  |+| Prepare HR appointments from grant to otheras appropriate |  |
 | **Expenses related to the project** || | **Expenses related to the project** ||
 | Ensure that all project-related expenses are posted |  | | Ensure that all project-related expenses are posted |  |
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 | Clear overdrafts, program advances, etc. |  | | Clear overdrafts, program advances, etc. |  |
 | Process necessary cost transfers (IDT Journals, Labor Distributions) |  | | Process necessary cost transfers (IDT Journals, Labor Distributions) |  |
-| Remind ​sub-recipients ​to submit final invoices and reports by due dates |  |+| Remind ​subrecipients ​to submit final invoices and reports by due dates |  |
 | Identify outstanding invoices from vendor and purchases that have not arrived |  | | Identify outstanding invoices from vendor and purchases that have not arrived |  |
 | **From Project End Date to +45 days** || | **From Project End Date to +45 days** ||
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 | Close or change Purchase Orders | | | Close or change Purchase Orders | |
 | Remove unallowable after-term charges | | | Remove unallowable after-term charges | |
-| Confirm ​sub-recipients ​final invoices are paid | |+| Confirm ​subrecipients ​final invoices are paid | |
 | Confirm all adjusting financial entries are posted, including removal of overdrafts | | | Confirm all adjusting financial entries are posted, including removal of overdrafts | |
 | **From +45 days to + 90 days** || | **From +45 days to + 90 days** ||
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 | Confirm that financials and cost share reporting requirements are met | | | 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. +OPM monitors end dates of Projects ​to make sure the close-out process is commencing after the grant deadline. Monitoring is done to ensure ​all expenses have cleared and have been billed for. 
-  * Valid expenses have 45 days to hit the Award after its end date and billed to the sponsor.  +  * 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 Financeno later than 90 days or sooner if the contract requiresthe Sponsored Project ​is considered closed by OPM.  +  * 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 requiresthe 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.+  * No additional notice is sent from OPM to Finance and the close-out ​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.   * 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.+  * 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:+  * 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     * Name of PI
     * Project number     * Project number
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   * 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 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.     * 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 +    * By default, federal sponsors require the unspent funds be sent back. Finance processes a check and send it to the sponsor.
- +
-{{:​guidelines:​close-out-project.png?​nolink|}} +
  
 +{{:​guidelines:​opm:​screen_shot_2016-04-07_at_4.41.11_pm.png|}}
 === Related Policies and Procedures === === Related Policies and Procedures ===
  
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 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]]. 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]].
  
 +Issued: June 2015