Grant Fund Close-out
The Controller's Office tracks grant fund end dates on an ongoing basis to be sure that P.I.'s and administrative staff are aware of grants that are coming to an end. Grant funds that have end dates approaching within 90 days following the current closed period will be targeted for inquiry. If the grant fund is part of the Women's Center for Research, the Accounting Manager at the Women's Center will be contacted to answer any questions regarding extensions that may be in the works or awards we are waiting on. Similarly, the Controller's Office will work with the P.I.'s and department staff on grant funds that are not associated with the Women's Ctr.
If it is evident that the grant is truly expiring and there are no further extensions or awards to be made, the grant fund close-out process will begin. Unless otherwise indicated in the award documents, grant funds are set up in Banner with a terminate date 90 days after the end date. Most Federal sponsors allow for 90 days after the end date to make any final adjustments or corrections, submit final invoices, and prepare and submit all final reports. This also allows us time to correct any overexpenditures, deal with unexpended funds, etc.
The Principal Investigator on the award is responsible for preparing any final progress or narrative reports that are required by the terms of the award. These reports and due dates are listed in the original Grant Notification letter prepared by the Controller's Office and sent to the P.I. at award set-up. The Women's Ctr Accounting Manager will work with the P.I.'s at the Center to be sure they are aware of these dates and reports. Copies of all narrative reports should be forwarded to the Controller's Office.
Any financial reports required by the terms and conditions of the award are the responsibility of the Controller's Office and the Accounting Manager at the Women's Center. For federal awards made to the Women's Ctr., the financial report will be reviewed and signed by the Controller's Office. In the case of non-WCW awards, a rough draft report will be prepared and sent to the P.I. for approval and review. If the financial report meets the approval of the P.I. it is submitted to the sponsor.
Many sponsors require that other administrative reports be submitted to officially close out an award. The Controller's Office and the Accounting Manager at the Women's Ctr are responsible for the preparation and submission of these reports.
Once all the deliverables on an grant fund have been prepared and submitted, the grant fund is officially closed out in the Banner system by the Controller's Office.