Grant Closeouts in Grants and Contracts Accounting
|Task||Grants & Contracts
|Grants & Contracts
|Email notification to PI regarding closure of fund|
Grants & Contracts (G&C) sends email 2 weeks prior to initiating any fund closure
PI/staff responds to email; no response proceed with close
Initiate Profit & Loss (P&L) Statement reconciling balances paid vs. budgeted amounts
|Project End Date Monitoring|
Contact PI that project is ending in 60 days and inquire about need for No Cost Extension (NCE). If NCE, request from or notify agency.
Make request to Grants & Contracts independently or in response to notification
Confirm fund availability status as needed
G & C reviews and approves transfer or returns to PI for additional information
Submit expenditure transfers to G & C within 90 days of charge.
Process expenditure transfer if meets all criteria.
|Program Reports or Final Technical and Financial Reports|
Monthly report notification sent out for technical and financial reports.
May be contacted by Accounting or G & C for information regarding cost sharing if mandatory.
Responsible for submitting final financial status reports to agencies, usually within 90 days of expiration.
|Rebates & Releases|
Accounting will file these reports if required with financial status reports.
Responsible for filing these reports to sponsor within 90 days of expiration.
Will provide upon discovery or will be contacted by Grants & Contracts for information.
|Inactivating Grant (post completion of P & L)|
- Deactivate Speedtype