Post-Award Grant Management works closely with the department to close out the project on a timely basis. Departments are allowed 45 days after the end date of a project to finalize costs. This allows time needed by OSP to prepare final financial reports after the principal investigator’s documentation is complete. Some sponsors require a final invoice within 30 days of the project end date. If all documentation is not submitted in time to invoice the sponsor within the specified period, nonpayment may result.
Orders for supplies and equipment must be placed well in advance of the expiration date to ensure delivery and utilization prior to the expiration date. If an item is not received during an award period, it is not considered to be of benefit to the project. Such items are routinely disallowed on audit, even if they were legitimate charges at the time the order was placed. If for any reason equipment that has been ordered in good faith will not be received until after a project has terminated, or will be received too late in the project for effective use, all reasonable effort must be made to cancel the order or to charge the equipment to other funds.
The grant closeout process includes actions to:
- Run report to identify projects ending within 90 days
- Ensure all costs have been expended and appropriately charged, review all costs and remove those unallowable or inappropriate
- Clear any open items
- Complete project closeout checklist
- Confirm pending adjustments
Principal investigators are responsible for ensuring that all progress/final technical reports are completed according to the award requirements. Principal investigators should send a copy of the transmittal letter and cover page of his/her final report to OSP.
Final technical reports are normally due to the sponsor 60 to 90 days after the project ends. Each specific agreement should be reviewed for the exact due date of the report.
Federal and state agencies, as well as many private sponsors, local agencies and foundations, require GHS to maintain all project-related records for a minimum of three years after the acceptance of the final report for audit purposes. Consequently, principal investigators and project directors should ensure that their department retains complete grant files for a minimum of three years after project termination. After that date, contact OSP to ascertain whether longer retention is necessary.
OSP maintains federal project records for three years after final closeout, and all other project records are maintained for one year. After the retention periods, project records are moved to the organization’s record retention facility and retained for two more years.