The last step in a grant or contract鈥檚 life cycle, whether cost reimbursable or fixed price, is project closeout. The key feature to any closeout is the on-time submission of all technical, financial, and other required reports to the sponsor.
For most federal grants and contracts final reports are due no later than 90-120 calendar days after the expiration date of the award.
For non-federal awards (i.e. state, industry, non-profits), the closing requirements vary, depending on the policies of the sponsor. Most often, final reports have a shorter timeline than the federal rule.
It is important that all reports are submitted on time.听 Failure to submit complete and timely reports may result in one or more of the following actions:
- Temporarily withholding of payments to the institution pending correction of the deficiency or more severe enforcement action.
- Withholding of further awards to the institution.
- Reporting of non-compliance in FAPIIS (Federal Awardee Performance and Integrity System).
- Whole or partial suspension or termination of the award.
- Initiation of suspension or debarment proceedings.
- Other remedies as may be legally available.
Upon receipt, the Grants & Contracts Administrator (GCA) will actively work to resolve notification of delinquent reports.听 For non-responsive PI鈥檚, after the 1st聽notice the Research Foundation may actively engage Chairs and Deans to ensure reports are submitted in response to delinquent notices.
The Research Foundation will deliver early notification emails to the PI at 90, 60,聽and 30聽days prior to the award鈥檚 expiration date. The reminders ask the PI to review the project and take appropriate action (i.e. finish on time or request a no-cost extension).
The fiscal close of a project is a shared responsibility that involves the PI and the 51情报站 Research Foundation.
The fiscal closeout involves the following:
- Review expenditures to ensure all are reasonable, allocable, and allowable costs made in support of the performance of the project
- Encumbrances are closed
- Salary distributions removed
- Verification that subcontractor鈥檚 final invoices have been received and paid
- All cost sharing has been accounted for
- Removal of any unallowable costs, including over expenditures.
For fixed price awards residual funds remaining at the end of the contract need not be returned to the聽sponsor. The 51情报站 Research Foundation has final approval to allow the direct component of the residual, less IDC, to be transferred to the PI鈥檚 discretionary project if the balance is less than 20% of the total award.听 If the balance is more than 20% of the award amount, additional approvals are required.听聽
Authorized Official Representative
Some sponsors require that final reports be signed by the 51情报站 Research Foundation or 51情报站 Authorizing Official (AO). To obtain AO signature you may send your report to the Research Foundation at聽rfawards@odu.edu or for the Medical Campus, send to RFHSCAwards@odu.edu.
All Financial Reports prior to AO signature must first be confirmed by the 51情报站 Research Foundation.
Final Technical Report
The Principal Investigator of the award is responsible for timely submission of the final technical reports. Specific sponsor requirements for the technical reports are usually defined in the award package. When the report is completed, the PI may submit it directly to the sponsor. A copy of the technical report or proof of submission may need to be sent to the 51情报站 Research Foundation at rfawards@odu.edu, or for the Medical Campus, send to RFHSCAwards@odu.edu聽to satisfy a delinquent notification.
Final Fiscal Report
The final fiscal reports are generally due within 30-120 days after the expiration date of the award. The fiscal reports are prepared by the 51情报站 Research Foundation. The 51情报站 Research Foundation will normally submit reports directly to the sponsor with a copy sent to the PI or designated department fiscal staff.
For fiscal reports that require a certification of charges, the Research Foundation will provide a statement similar to the following: 鈥淚 certify, to the best of my knowledge, that all expenditures reported are appropriate for purpose and in accordance with the agreement set forth in the application and award documents.鈥澛
Final Invention Report
Most federal sponsors require both negative or positive invention reports. Where invention reports are required, the Research Foundation will collect the information needed and coordinate with 51情报站's Office of Innovations Commercialization who will work with the PI to provide the necessary documentation and invention discovery.听 聽For invention report assistance and questions, email聽kleslie@odu.edu
Final Property Report
Most grants and contracts do not require a final property report. Where property reports are required, the Research Foundations Asset Management Manager will collect the information needed and submit these reports. For property report assistance, email Bonnie Gonzalez at g1gonzal@odu.edu.听
