Closeout is the process of ensuring that expenditures and income are finalized on accounts and that no further action is anticipated.
90 Days before Funding Period End Date
PI and department contact receive an automatic email notifying that the account is ending.
- At this time, the PI should ensure that
- Expenditures are as expected
- All project costs are incurred by the project end date
- Encumbrances will be finalized
- Salary allocations are moved to other funding sources at project end
- Any required cost share is documented
Review the accounts to determine
- If an extension is needed
- If any budget transfers are needed
- If any salary transfers are needed from departmental accounts, including stop gap accounts
- That all cash advances are reconciled
- That all subaward and contractor invoices have been received and paid
Costs can continue to post to the project for one month after the end date, including payroll and payments for expenditures incurred before the end date. During this time, the PI and department can also make any cost transfers necessary to correct errors.
SPAA will also be looking at accounts to help identify potential issues so they can be resolved in a timely manner.
At Period End Date
PI and department contact receive an email on status of account. This email will include current expenditure information and will encourage the PI and department to finalize expenditures.
Before Final Invoice/Final Reports Due Date
- SPAA will prepare final invoice/final reports
- Verify that IDC has earned appropriately
- Send email to PI/dept with final invoice/final report amounts before submitting final invoice/final report
- Submits final invoice/final reports
At Close Date
SPAA will verify that all income has been received and coordinate any needed adjustments.