Closing out an Award

  • An introduction to closeout

    Closeout is the final stage of a funded project. It is the responsibility of many people and offices to complete the close-out of a grant, contract, or cooperative agreement.

    • Principal Investigator (PI)
    • Grant Administrator
    • Sponsored Programs Administration (SPA) Office
    • Research Finance

    The guidelines established by the sponsor or agency are specific to the award, and must be followed as is appropriate.

    An award closeout is the final reconciliation and reporting of expenses and activities.

    This involves reviewing project expenditures, resolving open commitments, collecting subrecipient documents, and preparing required final reports and deliverables for submission to the sponsor including:

    • Financial Reports/Invoices
    • Scientific/Technical Reports
    • Milestone Deliverables
    • Invention/Property Statements

    Common items required at close-out include:

    • Final Progress Report (provided by PI)
    • Final Invention Statement (verified by Center for Technology Transfer and Commercialization (CTTC)
    • Final Financial Status report (verified and/or submitted by Research Finance)

    Preparation for closeout should begin three (3) months prior to the end date of the award in order to accurately forecast expenses and to adjust any new entries that need to be made.  This is also the best time to determine whether or not an extension will be needed.  If a no-cost extension is not needed, the award should be closed out in accordance with the guidelines from the sponsor, and must be completed within 90-120 calendar days after the last day of the final budget period.  The guidelines for submission of the required items can be found in the Notice of Award Agreement.  Contact the SPA Post-Award Team for additional assistance.

    Unless the Grants Management Officer of the respective awarding agency approves an extension to this 90-120 day closeout reporting window in writing, the University must submit the final reports within the given timeframe. The importance of submitting the required documents cannot be over-stated.  Adherence to the sponsor’s compliance policy regarding closeouts is imperative.  Failure to submit timely and accurate final reports may adversely affect future funding for the organization as a whole, and/or awards with the noncompliant PI. Be aware of pending closeouts, and strive to resolve them before new funding is obtained.  

    Typical deadlines are outlined below:

    Award Type

    Reporting Due Date

    Federal

    90-120 calendar days after expiration

    Federal Pass-Through

    45-60 calendar days after expiration

    Other (e.g., State of TN)        

    See Contract (deadlines vary and may be earlier).

    The closeout process is monitored by the Award Management Team in SPA.  Please contact Michelle Wachter with questions or for more information.

  • Progress Reporting

    The final progress report is created by the PI.

  • Invention Reporting

    At the end of the research project, Vanderbilt University may be required to submit to the sponsor their form to report if there are inventions or patents that are a result of the research.

    All inventions must be reported, regardless of whether they are patentable. In addition to tangible products, other examples of inventions include new software, new reagents, new uses for existing reagents, new cell lines, and new animal models.

    If, as the PI, you believe you may have created something commercializable, such as an invention for patenting purposes, useful software, or research materials that you envision sharing with others (either for free or for a fee), please contact the Center For Technology Transfer And Commercialization.

     

    Sponsor-specific Information

    National Institutes of Health (NIH)

    All Other Sponsors

    • Many sponsors require invention or patent reporting.  Please read your award document for specific close-out requirements.
  • Financial Reporting

    Please view Research Finance's website for financial reporting details.

    Access the Closeout Policy and Procedures section available on Research Finance's Policies, Procedures and Policies page.