Non-Financial Administration of Award Closeouts. December 7 th , 2011. What is “Closeout”?.
December 7th, 2011
All grants and contracts have end dates that require a
variety of closeout procedures:
to sound grants/contracts management to
assure full compliance with sponsoring
annual OMB A-133 audit as well as by other
sponsoring agencies when they make
periodic site visits.
the award documents.
– Submit all sponsor required reports and liquidate all obligations within 90 calendar days;
– Refund any balances of unobligated cash that was paid by the sponsor; and
– Disclose information on any property acquired with funds or received from the sponsoring agency.
*(OMB Circular A-110, Section 71)
*Check with Post-Award Desk Accountant