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Researcher's Handbook
Section 12
Closing Out a Project
The last step in a grant or contract's life cycle whether cost reimbursable or fixed price is project closeout. The key feature to any close is the submission of all technical, financial, and other reports as required to the sponsoring agency on time.
On-Time Reporting
For most all federal grants and contracts final reports are due no later than 90-calendar days after the expiration date of the award.
For non-federal awards (i.e. state, industry, non-profits) the closing procedures vary, depending on the policies of the sponsor. Most often final reports have a shorter timeline than the federal rule.
Reminder's
The Myufl system will deliver early notification emails to the PI and the PI's Grant Administrator at 90 (example), 45 (example), and 0 days prior to the award's expiration a date. The reminder's ask the PI to review the project and take appropriate action (i.e. finish on time or request a no cost extension).
Fixed Price Close Outs
For fixed price awards including clinical trials the residual funds remaining at the end of the contract need not be returned to the funding agency. For those awards administered by C&G Main, DSR has final approval to allow the direct component of the residual to be transferred to the PI's Miscellaneous Donors project. DSR's approval is obtained through the fixed price closeout process.
For those fixed price awards administered by IFAS or Engineering you will need to check with those offices for residual transfer procedures.
The Fiscal Close
The fiscal close of a project is a shared responsibility that involves the PI, the department fiscal staff and the appropriate University Accounting Office (C&G Main, C&G IFAS, C&G Eng). The fiscal closeout involves a review of expenditures to ensure they have been clearly made within the award's period of performance, the close of encumbrances, the removal salary distributions, verification that subcontractor's final invoices have been received and paid, a review that ensures all cost sharing has been accounted for, and finally where necessary removal of any unallowable costs, including over expenditures.
Closeout Reports
University Official Signature
Some sponsors require that final reports be signed by an Authorizing Official of the University. In these cases, the report should be sent to your appropriate DSR representative in Grinter Hall, IFAS, OER, or Jacksonville to obtain signature and submission to the sponsor, if requested.
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Final Technical Report
The Project's Principal Investigator is responsible for timely submission of the final technical reports. Specific sponsor requirements for the technical reports are usually defined in the award package. When the report is completed, the PI may submit it directly to the sponsoring agency whether its an electronic submission or paper. On occasion and only if requested a copy of the technical report may need to be sent to DSR to satisfy a delinquent notification.
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Final Fiscal Report
The final fiscal report is generally due within 60-90 days after the expiration date of the award. The fiscal reports are prepared by the respective accounting office on campus -- C&G Main, C&G IFAS, C&G Eng. After the PI or designated staff are given the opportunity to review to make sure all expenditures are accurately recorded the accounting office will submit to the sponsor with a copy sent to the PI or designated department fiscal staff.
Carryover of Unobligated Funds: Where carryover of unobligated funds are being reported that will require sponsor approval. The PI should contact DSR to help coordinate the request for carryover.
For fiscal reports that require a certification of charges, the accounting office will provide the statement similar to the following; "I certify, to the best of my knowledge, that all expenditures reported are for appropriate purposes and in accordance with the agreements set forth in the application and award documents," and endorse it with the signature of the accounting officer in charge.
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Final Report of Inventions
Many sponsors require reports about inventions made during the conduct of research to insure disclosure. Where invention reports are required DSR will collect the information needed, coordinate with the PI and the University's Office of Technology Licensing (OTL) and submit the report to the sponsor.
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Final Property Report
Most grants and contracts do not require a final property reports. Where property reports are required the University's Asset Management Office will collect the information needed and submits these reports.
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Delinquent Reports
It is important that reports are submitted on time as some agencies will not release new funds to a PI, or even to the University, until all final reports have been submitted.
Disposition of Equipment and Excess Supplies
When original or replacement equipment is no longer to be used in projects or programs currently or previously sponsored by the federal government , disposition of equipment shall be made as follows:
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Equipment with a unit acquisition cost of less than $5,000 may be retained, sold, or otherwise disposed of, with no further obligation to the federal government.
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Equipment with a unit acquisition cost of $5,000 is usually retained or sold, with the federal government entitled to an amount calculated by multiplying the current market value or the proceeds from the sale by the federal share of the equipment. Of the amount due, $100 or 10 percent of the total sales proceeds (whichever is greater) may be deducted from the amount due for handling charges. The balance of money due will be remitted to the sponsor by check.
In some very limited instances, the federal agency may reserve the right to transfer equipment costing $1,000 or more. When this is the case, the award terms will stipulate so and specifically identify the property affected. This right lapses if it is not exercised before other permissible disposition takes place or before 120 days after the end of the grant. If the granting agency exercises this right, the grantee must be paid for the non-federal share of the market value plus shipping costs.
Special authority exists in some research grants to Universities to vest title to equipment and supplies without obligation to the federal government (i.e., exempt property). If the cost is over $1,000, this authority exempts the property from all rules except the right of the federal agency to require transfer.
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If supplies exceeding $1,000 in total aggregate market value are left over upon expiration of the grant or subgrant for which they were acquired and the supplies are not needed for any project or program currently or previously sponsored by the federal government, the grantee may retain or sell them, paying the granting agency its share of the market value or sale proceeds. If sold, grantees may deduct from the federal share the greater of $100 or ten percent of the proceeds as selling expenses. The balance due is remitted to the sponsor by check.
If, at the end of the grant, the residual value of supplies is $1,000 or less, the grantee may, at its option, either retain or sell the property without compensating the federal agency.
Grantees should be careful not to build up an overly large inventory of supplies, particularly if the value greatly exceeds $1,000. These costs could be considered unallowable under the cost principle rules which stipulate that costs must be reasonable and necessary.