Definition of the Grant/Contract Close-out
The grant close-out is the process by which the funding agency determines that all applicable administrative and programmatic requirements in accordance with the award terms and conditions have been completed/met. This is done at the termination of the award.
What to File:
Close out requirements are normally specified in the terms of the initial award document, but are sometimes updated or reminders sent as the award is nearing termination. If the award received an extension to the original end date either from a no cost extension, or supplemental funding, the closeout document deadlines are adjusted accordingly.
Normally, at a minimum, the grant close-out consists of the following:
Final reports: receipt of all required reports
Programmatic – prepared and submitted by the PI.
Financial – prepared and submitted by Grant Accountant.
Patent – prepared by PI and submitted either by PI or OPAM. This report discloses any IP that was developed under the award or confirmation of none.
Property Ownership: disposition or recovery of federal/non-federal owned assets—as distinct from property acquired under the grant. Although no standard, government-wide disposition process exists for property, you should carefully review the requirements related to the disposal or transfer of equipment, real property, and other prescribed property that is specific to the grant. PI works with the Property Office.
- Settlement of accounts: adjustment of the award amount and the amount of grant money paid to the award recipient. Handled by the Grant Accountant.
With most federal sponsors, these documents are due within 90 days of the end date of the award.
Other sponsors set their deadlines in accordance with the terms of the award.