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.