Close Out Policy for Federal Grants
Responsible Office or Person: Office of the Provost
Related Law and Policy: CFR 200.343
The following timetable applies to all federally funded grants unless:
- The grant itself sets forth another schedule; or,
- The granting agency agrees to extension(s) of this timetable.
The Principal Investigator (PI) shall submit, no later than 90 calendar days after the project end date, all financial, performance, and other reports required by the terms of the grant.
All obligations under the grant shall be liquidated within 90 days of the project end date.
Any funds advanced by the granting agency, but not spent in the performance of the grant project, shall be refunded to the granting agency as soon as feasible, unless otherwise directed by the agency.
The PI shall facilitate the disposition of any real or personal property acquired with Federal funds or received from the Federal government as part of the grant after consulting with the Grants Staff and Business Office. The closeout of a Federal award does not affect the right of the awarding agency to disallow costs and recover funds through audit or other review.
Close Out Procedures for Federal Grants
Within 90 calendar days of the end date of the grant Principal Investigator (PI) will:
- Complete any program reports, submit to Senior Director of Academic Affairs for review, then submit to funding agency
- Work with Chief Accountant to finalize all expenses that have been charged to the grant. Chief Accountant will then complete the final financial report
- Work with Grants Staff to determine which files, both hard copy and electronic, are subject to the Carroll University Records Retention Policy, and submit determined files to Grants Staff for archiving
After all reports have been submitted to funding agency, Grants Staff will:
- Convert all paperwork to electronic files (application, reports, PARs, Time and Effort forms), and save to folder in Archived Funded Grants shared electronic folder, per records retention policy
- See Federal Grants Equipment Policy for any potential dispositions of property purchased with Federal funds
