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The Research Financial Services (RFS) team and campus partners play an important role in ensuring the proper closeout of research awards at ²ÊÃñ±¦µä. A smooth closeout requires both a timely and thorough financial review throughout the life of the award and especially in the final months of the award.

Sponsors expect strict adherence to deadlines and reporting requirements set forth in award agreements and timely submission of financial reports. The RFS team is responsible for the preparation and submission of all financial reports and performs a thorough review of financial activities in coordination with the department before final submission and closeout.

The process of reconciling and closing sponsored projects has become increasingly complex.

• Problems such as over-expenditures, questionable expenses, late charges, unexpended funds, undocumented cost-sharing and accounting errors frequently cause serious delays in both the reporting and billing functions.
• These delays expose the university to increased scrutiny from sponsors, possible audit findings, and can contribute to cash management issues.

Communication 

Approximately 30-60 days after the end date for the project, the fiscal manager can expect to be contacted by RFS to address any areas of concern pertaining to the project. A timely resolution of outstanding issues and follow-up with RFS is crucial to submitting the financial reports and final billing on time. 

Please make every effort to promptly reply to inquiries from RFS as well as prioritize steps necessary to review and finalize expenses.

• If outstanding issues have not been resolved in a timely manner, RFS will communicate clear deadlines and action steps to ensure that deliverables are submitted in time.
• In order to meet the billing, reporting, and closeout deadlines, if RFS has not received a department response by the deadline, we will submit to the sponsor a final financial report or invoice based on the university’s financial records without departmental approval (less unallowable expenses).
• Over-expenditures, unallowable expenses or undocumented cost transfers may be charged directly to the departmental administration indirect cost recovery (DA-ICR) FOPPS.

Important Steps for Financial Review & Closeout

As your award is approaching the expiration date, please pay close attention to the following tasks. This is not a comprehensive list, therefore it is important to familiarize yourself with the specific terms and conditions of the award agreement.

1. Ensure all expenses are allocated to the correct project(s). 
2. Resolve all over-expenditures.
3. Correct accounting errors and review account codes. The General Ledger must reconcile with the financial report submitted to the sponsoring agency. 
4. Review and close encumbrances.
5. Verify all equipment expenditures are appropriately charged and accounted for. 
6. Verify that all cost-share commitments are fulfilled and properly documented.
7. Review subcontracts. Verify all invoices have been received and approved for payment.
8. Review tuition changes to ensure they are associated with the correct student.
9. Certify all effort.
10. Review expenditures charged to the award for allowability, allocability, reasonableness and consistency. Review the Cost Principles Policy Statement for important guidance.

Your support and collaboration in the final financial review and closeout process are necessary and greatly appreciated!