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Award Acceptance & Administration

Account Closeout

Overview

Tool Kit

Templates:

Institutional Audit Report:

Submit Underwrite Request:

Accounts that are not reported within the allowable time frame run the risk of losing access to the funds originally awarded. Accounts not closed shortly after expiration run the risk of additional expenses being inappropriately charged against them. While the typical time for close out of a Federal account is 90 days after the expiration date, many non-Federal awards require the submission of final claims in considerably less time -- from 5 to 60 days after expiration. Please review the award documentation for alerts regarding final report submission.

The Office of Research Administration will send a notice to the department as a reminder of the upcoming expiration date of the account. The department should review all expenses and make any necessary transfers. Remember that cost transfers should be made within 90 days of the original charge and that cost transfers related to contract or grant accounts are not allowed to cross fiscal years without supporting documentation. The department should review all encumbrances (payroll, purchasing, travel, etc) and take action to ensure that charges can be made against the account (liquidated) no later than 30 days after the expiration.

The department should review indirect cost to ensure that the calculation was correct. The Office of Research Administration is willing to help with this process. An example: indirect cost is to be charged only on the first $25,000 of each subcontract paid on the account. If an invoice was paid for $25,800 you may have inadvertently been charged indirect cost on the additional $800.00. Initiating a General Error Correction (GEC) in the Financial Information System (FIS) to correct the subcontract object codes would allow the indirect cost to be adjusted accordingly.

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