Close Out Award
Summary
As your project comes to an end, there are essential tasks you will need to complete to ensure your award has an orderly close. Your award closeout procedures will vary based on your contract with the sponsor.
Estimated Duration
You will have 45 days to pay the expenses incurred during your award's performance period. Please read your award documentation and pay close attention to the final invoice's terms.
If you wish to pay for expenses after the award period, you will need to coordinate with SPA’s Billing or Revenue Team to ensure costs are appropriately invoiced to the sponsor and paid.
During the award period, which is the start and end date of the award, expenses can be incurred and paid. After the award end date, the department may pay for costs incurred during the award period.
Once you provide the department number and approved budget, the award setup process will begin.
How to Close Out Your Award
Federal Awards
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Award Closeout Notice
Review your 60-day award closeout notice and follow the applicable outlined required steps.
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Review Encumbrances
Ensure all encumbrances that occurred during the award performance period are paid or moved to another appropriate project, if applicable.
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Over-the-Limit Spending
If your expenses are greater than the awarded amount, those expenses should be moved to another appropriate federal award or discretionary account through a nonsalary cost transfer (NSCT) or direct salary retro.
State Awards
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Award Closeout Notice
Review your 60-day award closeout notice and follow the applicable outlined required steps.
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Review Approved Expenses
Compare your award expenses in PeopleSoft to the approved expenses by CPRIT. Your expenditures must be the exact amount of the CPRIT-approved expenses.
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Review Encumbrances
Ensure all encumbrances that occurred during the award performance period are paid or moved to another appropriate project, if applicable.
Contracts
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Review Award Closeout Notice
Review your 60-day award closeout notice and follow the applicable outlined required steps.
- If you desire to continue their research study, you must apply for a no-cost extension (NCE) or contact sponsor.
- Read your contract for final closeout instructions to ensure that you have met the terms of your agreements.
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Ensure Final Award Invoice is Timely
Coordinate with SPA’s Revenue team to ensure that the final invoice is submitted accurately and timely to the sponsor.
Sponsored Research Agreements (SRA)
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Verify Cash Payments
Verify cash payments from the sponsor agreed-to posted budget for the award.
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Review Milestones
Review your contract to ensure outlined milestones were met.
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Follow Award Closeout Notice Steps
Review your 60-day award closeout notice and follow the applicable outlined required steps.
Ensure all encumbrances that occurred during the award performance period are paid or moved to another appropriate project, if applicable.
Industry-Sponsored Clinical Trials
Make sure all research aims and milestones have been satisfied based on the agreement with your sponsor.
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Consolidation of Award Expenses
Submit a ServiceNow ticket to SPA requesting consolidation of your award expenses. You will need to confirm the Chart of Accounts (COA) post to your residual funds.
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Confirm Expenses & Revenue
Ensure all expenses and revenue for your research project have been posted to the award management system. If the residual amount is greater than 25,000, a written statement from the PI needs to be attached to the ServiceNow ticket.
Terms and Definitions
- 60-day Award Closeout Notice
- Notice that triggers a series of actions by the Principal Investigator (PI) and post-award administrator to complete the award closeout.
- Award Performance Period
- Time period when the awardee is expected to complete award activities – typically indicated by the start and end dates in the Notice of Award (NOA).
- No-Cost Extensions
- The extension of a project period without additional funding from the sponsor.
- Over-The-Limit Spending
- Expenses posted to the project in excess of the total budget amount.
Expert Tips
- Facilitate a Smooth Closeout
Read and follow outlined instructions on the 60-day Notice of Award Close letter from SPA.
Ensure the completion of encumbrances, and there are no outstanding financial transactions, including cost transfers or posting expenses.
You must send invoices to the sponsor program for NBP and FIX awards and ensure all invoices are paid and posted to the award.
- Manage No-Cost Extensions for Your Award
Suppose you would like to request additional time for research. In that case, you may submit a request to your sponsored program and coordinate with your proposal specialist.
If you believe your request will receive approval, create a ServiceNow ticket to inform SPA not to start the award closeout process.
- Request a Residual Transfer (NBP & FIX)
Create a ServiceNow ticket to request a consolidated residual transfer. If you want a specific COA to transfer the residual, please list it in a ServiceNow ticket.
Submit all invoices to the sponsored program and ensure all invoices are paid and posted to the award.
You must complete all no-cost transfers or expense transactions.
If the anticipated residual funds are more significant than $20K, submit a PI Statement explaining why the funds were not spent on the award's research required activities.
- Has my award been closed?
If it is 120 days past the award end date, it should be closed or is in the process of being closed. Ask your department if anyone received the GNR – Closeout report. If confirmation is needed, create a ServiceNow ticket for SPA.
- Can I spend research funds after the award closeout period?
Typically, you may not spend research funds after the award closeout period. If you have a special circumstance, please submit a ServiceNow ticket for SPA review.
- My Award Still Has Balance. Can I Spend It?
If the award end date has passed (45 days for federal; depending on the contractual language), no one should post additional expenses to the award.
SPA will no longer post a closing budget entry to zero out budget lines, so it is common for balances to remain after the award is closed.
- What to Do With a Check After the Award Closes
Once the award is closed, it is incredibly problematic to reopen it. That is why SPA asks for all transactions to be posted to the award, including cash transactions, before the award begins the closeout process.
In the rare event where you receive a check after the award is closed, create a ServiceNow ticket with SPA Cash Management to coordinate the deposit of the funds.
Training Opportunities
Taleo Learn Training Modules
- Module J: Financial Reporting and Award Closeout Overview Level One
- Module K: Clinical Research Services Overview Level One
- Module L: Clinical Trial Accounting & Analysis Overview Level One
Ask for Guidance
Inquiries reviewed and assigned within 4 hours, Monday – Friday 8 a.m. – 5 p.m.
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