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Project Completion
Proper closeout of a grant is an important step in the overall management of the project. It is recommended that you arrange a meeting with your grant accountant 1 to 2 months prior to the end of the project to discuss closeout procedures. The closeout guidelines listed below should help facilitate the process.
Project Director Responsibilities:
- Set up meeting with grant accountant 1-2 months prior to end of grant.
- Review account activity and encumbrance balances for closeout. Your grant accountant will provide reports.
- All goods and services must be received/completed prior to the end of the grant date.
- Complete termination paperwork for staff and/or payroll changes for staff assigned to other cost centers or grant accounts.
- Take inventory of all equipment and review disposition instructions.
- Prepare and submit final narrative report. Forward a copy to your grant accountant.
- Review and file all documentation pertaining to the grant. Records will need to be stored for a specific time period as noted in the grant agreement.
Grants Accounting Responsibilities:
- Run reports for project director review.
- Review and liquidate outstanding encumbrance balances.
- Review activity after end-date for compliance and prepare any needed closing adjustments.
- Assess final indirect costs.
- Review equipment disposition instructions and take necessary action.
- Return unexpended funds to grantor if needed.
- Prepare and submit final financial report. Forward a copy to project director.
- Disable all account codes ASAP.
- Review folder for all documents related to the grant.
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