Closeout is a post-award activity that officially ends the award relationship. It is the process in which the awarding agency determines that the recipient has completed all applicable administrative actions and all required work with the award.
Failure to adhere to final reporting requirements may result in the sponsor withholding new awards or suspending payments for costs on the completed project or other projects funded by the sponsor.
The timeline for award closeout activities begins when the Project Administrator (PA) at the Research Foundation (RF) sends an email to the Principal Investigator (PI) and Grants Officers (GO) prior to the project end date to assist in the award closeout process. This timeline generally concludes within 120 days following the award’s end date.
Generally, final reports are due as per the following schedule:
|Award Type||Schedule for Final Reports|
|Federal||120 days following the award end date|
|City||60 days following the award end date|
|State||60 days following the award end date|
|Private||120 days following the award end date|
The required closing procedures will vary depending on the policies of the sponsoring agency, but final reporting requirements typically include the following:
- A technical report;
- Financial report;
- Invention report or disclosure of intellectual property; and
- Final inventory of equipment.
The first two reports from the above list apply to all awards. The last two reports are dependent on the funding agency.
The final technical report is the most critical report prepared by the PI and should provide a synthesis of the overall results from the project. The final report communicates the research results. The funding agency uses this report as the principal reporting tool to inform the sponsor, stakeholders, or others about the success and impact of the research programs they fund.
The PI is responsible for preparing this report and coordinating with the subrecipient to ensure that its activities are included.
The PI or GO will submit the report to the sponsor when applicable.
In financial closeout, the PI and the GO will complete the final review of project expenses and confirm that all project expenses have been appropriately charged to the project account. By then, the closeout of subawards should be completed; final invoices should be paid and final reports received.
The final review should occur after the project end date but before submitting the final financial report or invoice to the Sponsor. Any adjustment to project expenditures must be made promptly and accurately.
The PA will prepare and submit to the sponsor a final financial report following sponsor requirements by the due date outlined in the grant award or agreement.
Invention Report or Disclosure of Intellectual Property
Most sponsors require the University to report inventions, discoveries, or other novel commercial developments resulting from the funded project. This report is generally referred to as the final report of inventions or disclosure of intellectual property.
The PI is responsible for preparing this report, and the PI or GO will submit the report to the sponsor when applicable.
Inventory of Equipment
The final inventory lists all equipment acquired with the sponsor’s funds. If required by Sponsor, RFCUNY will prepare a final property inventory report. The report is sent to the PI and college Grants Office for verification.
The PI is responsible for sending the certified report to the award Sponsor.