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“The Project Closing Process Group consists of those processes performed to conclude all activities across all Project Management Process Groups to formally complete the project, phase, or contractual obligations.” – PMBOK 5th Ed
The Checklist
The Checklist
The PMO team will actively manage the closeout process on behalf of each PI.
Standard questions as the project end date nears:
Have all charges hit the fund?
Are there any outstanding commitments?
Has the final invoice been submitted?
Has all revenue been received?
Have all subcontractors or consultants been paid? (if applicable)
Remove team’s LOE from fund and help find new projects for teammates as needed
Check that your spend plan and posted final expenditures match
Determine how to address overdrafts
If FFP, is there residual that needs to be moved off the fund?
OSP Closeout Procedure
OSP Closeout Procedure
osp30005_Closeout.pdf
Expiration Notification Emails
Expiration Notification Emails
Selecting an Expiration Option
Selecting an Expiration Option
Award Management will alert you to the upcoming Period of Performance (PoP) end and will ask for verification of the project status.
PMs should confer with their PI and select the correct option from the expiration notice.
If a NCTE should be requested, provide the length of time, a justification, and a statement of work remaining for the project.
The Email Notification
The Email Notification
PIs and all PMs are notified via email when a project is due to end within 60 days.
It is each PM’s responsibility to check these emails for their projects and respond to the expiration question.
Subfunds
Subfunds
When a project has multiple funds you must answer the project expiration question for all subfunds as well as the main fund.
Natural End of Project
Natural End of Project
Period of Performance (PoP) has ended
No extensions are required
All deliverables have been handed off to and accepted by sponsor
Code, documentation, reports, etc.
You have otherwise met the contractual obligations of your project
Unnatural End of Project
Unnatural End of Project
Projects can also end in less fortunate circumstances including, but not limited to:
Nonperformance
Budget cuts
Politics
Lack of resources
Fund Expiration Notifications
Fund Expiration Notifications
On the main page of the Award Management portal, actions and alerts are listed on the main page. If you missed an email, you can go through the alert section to view expiration notices.
The Remaining Balance
The Remaining Balance
Cost Awards
Cost Awards
When a Cost award ends there are no leftover funds. Unused funds will simply not be invoiced by VT, or in some cases the sponsor will send a de-obligation notice for the “remaining” funds.
Firm Fixed Priced (FFP) Residual
Firm Fixed Priced (FFP) Residual
Less than 25% of the direct budget balance may be returned to the institute once an FFP residual form is completed.
Residual requests can be initiated for Firm Fixed Price Contracts only after all charges have hit and the final invoice has been paid.
The residual process is a as follows:
OSP prepares the residual form and routes it to NSI
The PM inserts the residual fund number for the residual transfer (i.e. ISD: 445612, MSD: 445536, SDD: 445526
The PI signs form
The form is routed to nsifinance@vt.edu for signature, they route the signed form to PM, PI, Alex Potter
Alex submits form to OSP
Overdraft Correction
Overdraft Correction
Determine if the fund is in overdraft by looking at the total DIRECT funds available, not the overall total.
The overdraft process is outlined below:
<$300 Overdraft Amount
<$300 Overdraft Amount
$300 or less can be covered by central overhead funds
Email nsifinance@vt.edu to request they process a cost transfer to clear the overdraft
>$300 Overdraft Amount
>$300 Overdraft Amount
Process retroactive LOE changes (labor redistribution)
Moving charges via journal entry
Cover overdraft with Division overhead
Email nsifinance@vt.edu to request any journal entries needed to clear the overdraft
IT Considerations
IT Considerations
Do you need to request disposition of equipment?
Sometimes sponsor will force you to return the equipment, work with post-award on what your contract clauses require.
Are there any internal IT resources that should be reabsorbed? (e.g., desktops)
How will you store project data, code, and documentation? This must be done appropriately for the security level of the project.
Should any personnel accounts be disabled or deactivated?
Return any items borrowed from HokieShack
Other Considerations
Other Considerations
Upload final reports in Award Management (if able, based on security restrictions),
Notify OSP of IP disclosures
Work with OESRC to transfer code properly if your project is on a TCP
Definitions
Definitions
Residual – Remaining funds on a Firm Fixed Price (FFP) contract after project end.
Various/Residual Fund – A fund to which remaining FFP funds are moved during the closeout process.
Cost overrun – When unexpected costs push a project over budget.
No-Cost Time Extension (NCTE) – Extends the period of performance end date without requesting additional funds from the sponsor.
Firm Fixed Price – Provides for a price that is not subject to any adjustment on the basis of the contractor's cost experience in performing the contract.
Cost – Agreement to reimburse a company for expenses incurred
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