Award/Account Close Out (Expiration)

Responsible Office:    Project Accounting Date Issued:    10/22/02 Date Revised:      Contact:    project.accounting@iit.edu Policy: Principal Investigator Responsibilities for Award Close Out Purpose: To communicate to Principal Investigators their responsibilities for award close out. Process: Thirty days before the project end date, the Principal Investigator shall: Cancel outstanding requisitions and blanket orders, as appropriate. Transfer payroll from the grant/contract to another account to terminate the appointment(s). Transfer phone line charges to ongoing accounts or terminate service. Provide Project Accounting with detailed disposition of outstanding charges, i.e. commitments not recorded, other outstanding purchases, payroll transfers, cost transfers and other adjustments. Either the Principal Investigator or Departmental Assistant must agree with Project Accounting on final costs. Provide Project Accounting with a detailed disposition of all equipment purchases that the Sponsor retains title to for end-of-project Sponsor property reporting purposes. Closeout of Projects Minimum of Sixty (60) days prior to the grant end date: Principal Investigator shall meet with Project Accounting to discuss the status of the award. Review all expenditures -- salaries, fringe benefit reconciliation, and indirect cost reconciliation. If there are budgetary restrictions, check variances from budget to actual expenditures for non-compliance. Project ending balance. Request necessary budget revisions, no-cost extensions or continuations from the Sponsor through Sponsored Research. Coordinate requests with Sponsored Research, with a copy to Project Accounting. Coordinate with Project Accounting the receipt of any subcontract closeout documents. Notify any subcontractors of the deadline to submit final invoices. Minimum of Thirty (30) days prior to Termination of Award: Prepare all necessary payroll authorizations to transfer expense to another funding source, or terminate personnel on award effective the last day of the award. Follow-up on all outstanding purchase orders. Contact delinquent vendors to submit invoices to the Controller's Office on valid commitments to expedite closeout. Cancel all invalid outstanding commitments by contacting the Purchasing Department. Contact Telecommunications in writing to notify them to change account numbers being charged. Gather all cost-sharing/matching detail delineated in the proposal which Project Accounting is required to report to the agency. This includes names, account numbers, dates, percentage of salary, and other backup (for non- salary matching). Follow-up with the Department Chair to ensure all effort reports issued to date on the award have been completed and submitted to Project Accounting. Thirty (30) Days after termination of the award: Review all expenses after termination date to determine allowability. Prepare and submit to Project Accounting a journal entry removing unallowable expenses. The transfer may also be accomplished by memo. Contact Project Accounting to finalize costs on the award. Ninety (90) days after termination of the award: Review final financial report, contact project accounting for any discrepancies. Forward to Project Accounting a copy of the cover letter accompanying the Final Technical Report.