Closeouts

• NCE:  Consider if a No Cost Extension (NCE) will be needed to complete scope of work.  If an NCE will be needed, complete form in following link: https://scholar.uncg.edu/home/forms/#no_cost_extension
• Budget:  Review remaining budget and determine if any adjustments are needed to post expenditures during the remainder of the project.
• Personnel:  Review effort of individuals working on project and process payroll paperwork for adjustments/corrections as needed.
• Expenditures:  Follow-up on any outstanding expenditures (ex: travel reimbursements, participant payments, etc).
• Expenditures:  Review open encumbrances and commitments.
• Cost Sharing (if applicable):  Review and finalize documentation for the cost sharing commitment.
• Research Subjects (if applicable):  Audit payments/logs for participants and research subjects, address any on hand cash and/or gift cards.   
• Subawardees:  Follow-up with subaward PIs to discuss their progress and address any lapse(s) in invoicing.
• Reporting:  Plan and prepare for final reporting deadlines.

• NCE:  Follow-up on pending No Cost Extension (NCE) paperwork with Office of Sponsored Programs (OSP), [email protected], if needed.
• Budget:  Review remaining budget and determine if adjustments are needed to post expenditures during the remainder of the project.
• Personnel:  Review effort of individuals working on project and process payroll paperwork for adjustments/corrections as needed.
• Expenditures:  Follow-up on any outstanding expenditures (ex: travel reimbursements, participant payments, etc).
• Expenditures:  Review open encumbrances and commitments.
• Cost Sharing (if applicable):  Review and finalize documentation for the cost sharing commitment.
• Research Subjects (if applicable):  Audit payments/logs for participants and research subjects, address any on hand cash and/or gift cards.
• Subawardees:  Continue to monitor subaward progress to ensure invoices are accurate and current.
• Reporting:  Plan and prepare for final reporting deadlines.

• NCE:  Follow-up on pending No Cost Extension (NCE) paperwork with Office of Sponsored Programs (OSP), [email protected], if needed.
• Budget:  Review remaining budget and determine if adjustments are needed to post expenditures during the remainder of the project.
• Personnel:  Review effort of individuals working on the project and process payroll paperwork for adjustments/corrections as needed.
• Expenditures:  Follow-up on any outstanding expenditures (ex:  travel reimbursements, participant payments, etc).
• Expenditures:  Review open encumbrances and commitments and follow-up with vendors.
• Cost Sharing (if applicable):  Review and finalize documentation for the cost sharing commitment.
• Research Subjects (if applicable):  Audit payments/logs for participants and research subjects, address any on hand cash and/or gift cards. 
• Subawardees:  Follow-up with subaward PIs to discuss progress reports and remind them of due date for final invoice.
• Reporting:  Continue work to meet final reporting deadlines.

The last step in a contract or grant’s life cycle, whether cost reimbursable or fixed price, is project closeout. Both Contract & Grant Accounting (CGA) and the Office of Sponsored Programs (OSP) provide assistance to principal investigators and their departmental administrators with the on-time submission of all technical, financial, and other required reports to the sponsor.

Project Ending Reminders for PIs and Departments

• Review the project’s expenditures to certify that they are necessary, reasonable, allocable, and allowable costs made in support of the performance of the project.
• Close open encumbrances.
• Abolish or modify positions funded by the project budget.
• Verify the subcontractor’s final invoices have been received and paid.
• Confirm that cost sharing has been met and documented.
• Remove any unallowable costs, including over expenditures.

Fixed Price Award Closeouts

For fixed price awards, residual funds remaining at the end of the contract need not be returned to the sponsor. CGA approves transfer of residual balances to the PI’s departmental trust fund. For assistance, contact your accountant in CGA or your specialist in OSP.  If you are not sure whom to direct your question to, please email using below information — remember to include your grant number in the subject line:

• [email protected] (CGA)
• [email protected] (OSP)

Additional Information

• Award Closeout Policy
• Residual Balances on Fixed Price Agreement Policy

• Personnel:
  • Review final effort of individuals who worked on the project and process labor redistribution forms as needed.
  • Process EPAFs to remove individuals from project, terminate personnel, etc as needed.
  • Abolish or modify any positions funded by project budget.
• Expenditures:
  • Review all project expenditures to certify they are necessary, reasonable, allocable, and allowable costs made in support of the performance of the project.
  • For unallowable costs, process journal vouchers (“Reclass Expenditure” version), to remove unallowable costs.
  • Over-expenditures may be reclassed off the grant with a journal voucher (“Reclass Expenditure” version) or use a journal voucher (“Transfer” version) to transfer in from a 131XXX or 134XXX fund to cover the additional cost.
  • Close any remaining open encumbrances.
  • Process payment for any outstanding expenditures (ex: travel reimbursements, participant payments, etc).
  • Process paperwork to transfer costs off for any gift cards remaining on hand.
• Research Subjects (if applicable):
  • Perform final audit of payments and logs for participants and research subjects.
  • Close Research Subject Advance.
• Subawards:  Process paperwork to pay final subcontractor invoices.
• Cost Sharing:  Confirm that cost sharing has been met and documented.
• Reporting:  Submit final programmatic reports to OSP, [email protected].
• Email CGA, [email protected], to confirm all costs have been posted in Banner Finance. CGA will process and submit all financial reports to sponsor.
• For fixed fee agreements, provide 131XXX or 134XXX fund for transfer of residuals.