Closeout Procedures

Grant Closeout Process

1. Director/Accountant will notify the Project Director when the expiration date for a contract/grant approaches.
2. Communicate deadlines to the program department and any subcontractors/partners to ensure that invoices are received and paid in a timely manner
3. Thirty days before the grant/contract ends all requisitions, encumbrances, and outstanding expenditures should be submitted to the GA.
4. Final preparations for closing out the grant include
   1. personnel terminations/changes, and
   2. termination of expenditures
5. Expenditures must be closely monitored to ensure that an expired grant is not being charged.
6. On all projects longer than one year, requests for funds to be encumbered for supplies and equipment must be presented to the RA 60-90 days prior to the end of the grant project. Grant and contract projects which are shorter in length will be processed accordingly and restrictions, in any case, will prevail. All goods and services paid with grant funds must be received during the term of the grant.

The Director will monitor all final financial reporting to funding agencies and close out all grant/contracts in the GL.

1. Update the grant list to reflect that this particular grant has now ended.
2. The RA will reconcile the GL, closing out any outstanding expenditures and preparing the final report to the fund agency.

Grants that end during the year can only be inactivated. They will get reactivated in order to close out the fiscal year and inactivated again at the beginning of the next fiscal year. In this next fiscal year, if there is no activity for the entire year, the grant account will truly be closed.