Closeout Checklist

Closeout Checklist: Timeline Approach

Principal Investigator

Project Title

Sponsor/Agency Name

Grand/ Award Number

POET(AF)

Project Period

ACTION STEPS - FINANCIAL CLOSEOUT

6-11 Months Prior

Ask PI if renewal or no-cost extension will be done; if not, proceed with checklist

Communicate with Stakeholders that project is ending: PI/Project Director, subcontract partners, business officers

Budget category variances - review status (25% or sponsor-defined); review variances with PI and discuss projected carry-forward balances

Personnel changes - review continued funding for project personnel and impacts of severance or employee termination

3 Months Prior

Purchase orders - review open amounts

Payroll funding changes - process for all personnel paid on project

Cost share commitments - review, ensure commitments are fulfilled and documentation is in order

Unallowable expenses - review, request approval (if needed), prepare and necssary transfers

Technical reports - review submission process and discuss schedule with PI

Tuition and fees - verify costs are associated with correct students

Final Month

Ask PI to notify lab personnel that the project is ended and give them new POET(AF) to use

Labor funding changes - review and ensure changes were completed

Balance Subaccounts and Indirect Costs

Purchase order activity - confirm final invoice payments due to vendors

Concur and Expense Reports - confirm outstanding charges

Recharges and other recurring expenses - request funding changes

Subcontracts - review status of outstanding invoices and final invoice/payments

Post End Date Follow Up

Final invoice - reconcile accounts receivable

Subcontract closeout

Financial reporting

Technical reporting and other deliverables

Post end-date charges and activity - monitor progress

Zero out fund

Inactivation of POET(AF) - monitor progress

Prepare Financial Expense Report for SPF (OPAFS)

Closeout Checklist: Areas-to-Address Approach

Principal Investigator

Project Title

Sponsor/Agency Name

Grand/ Award Number

POET(AF)

Project Period

ACTION STEPS - FINANCIAL CLOSEOUT

 I. Communicate with Stakeholders

Ask PI if renewal or no-cost extension will be done; if not, proceed with checklist

Communicate with Stakeholders that project is ending: PI/Project Director, subcontract partners, business officers

Subcontract partners; check status of work and request final invoice

Communicate with affected personnel if and when their project funding is ending

II. Review Terms of Award, Budget, Reporting Requirements

Award terms - review if cost reimbursement, milestone, fixed price, etc.; review financial and technical reporting requirements

Budget category variances - review status (25% or sponsor-defined); review variances with PI and discuss projected carry-forward balances

Cost share commitments - review, ensure commitments are fulfilled and documentation is in order

Unallowable expenses - review, request approval (if needed), prepare any necessary cost transfers

Equipment - review for allowability

Student fees and stipends - review for allowability

III. Review Revenue and University Commitments

Award terms - review if cost reimbursement, milestone, fixed price, etc.; run Accounts Receivable aging report and verify sponsor invoices are paid

Cost share commitments - review, ensure commitments are fulfilled and documentation is in order

Balance Subaccounts and Indirect Costs

Prepare Financial Expense Report for SPF (OPAFS)

IV. Review Outstanding Expenses/Commitments, Note impact on Budget, Take Corrective Action

Purchase orders - review open amounts and outstanding accounts payable

Subcontracts - review status of outstanding invoices and final invoice/payments

Concur and other expenses - reconcile expenses and track outstanding expenses

Technical reporting and other deliverables - consult with PI on status of reports

Tuition and fees - verify costs are associated with correct students; confirm outstanding charges

Recharges and other recurring expenses - request funding changes

V. Manage Personnel and Payroll Activity

Future funding of personnel - make plans with PI to move people to different funding sources and/or start termination processes

Payroll funding changes - process for all personnel paid on project

Vacation payouts - review budget impacts of terminating employee(s)

Effort Reporting - confirm effort reports are appropriately certified

VI. Review Deliverables and Reporting Deadlines

Technical reports - review submission process and discuss schedule with PI

Financial reports - submit final report to OPAFS

Other deliverables (equipment title reports, cost share reports, final invoice)

VII. Post End Date Follow Up

Final invoice - reconcile accounts receivable

Subcontract closeout

Post end-date charges and activity - monitor progress

Zero out fund

Inactivation of POET(AF) - monitor progress