Closeout Checklist
Please print and use the Closeout Checklist below to get started.
Closeout Checklist: Timeline Approach
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Principal Investigator |
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Project Title |
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Sponsor/Agency Name |
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Grand/ Award Number |
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POET(AF) |
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Project Period |
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ACTION STEPS - FINANCIAL CLOSEOUT |
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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 |
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Budget category variances - review status (25% or sponsor-defined); review variances with PI and discuss projected carry-forward balances |
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Personnel changes - review continued funding for project personnel and impacts of severance or employee termination |
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3 Months Prior |
Purchase orders - review open amounts |
Payroll funding changes - process for all personnel paid on project |
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Cost share commitments - review, ensure commitments are fulfilled and documentation is in order |
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Unallowable expenses - review, request approval (if needed), prepare and necssary transfers |
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Technical reports - review submission process and discuss schedule with PI |
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Tuition and fees - verify costs are associated with correct students |
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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 |
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Balance Subaccounts and Indirect Costs |
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Purchase order activity - confirm final invoice payments due to vendors |
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Concur and Expense Reports - confirm outstanding charges |
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Recharges and other recurring expenses - request funding changes |
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Subcontracts - review status of outstanding invoices and final invoice/payments |
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Post End Date Follow Up |
Final invoice - reconcile accounts receivable |
Subcontract closeout |
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Financial reporting |
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Technical reporting and other deliverables |
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Post end-date charges and activity - monitor progress |
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Zero out fund |
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Inactivation of POET(AF) - monitor progress |
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Prepare Financial Expense Report for SPF (OPAFS) |
Closeout Checklist: Areas-to-Address Approach |
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Principal Investigator |
|
Project Title |
|
Sponsor/Agency Name |
|
Grand/ Award Number |
|
POET(AF) |
|
Project Period |
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ACTION STEPS - FINANCIAL CLOSEOUT |
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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 |
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Subcontract partners; check status of work and request final invoice |
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Communicate with affected personnel if and when their project funding is ending |
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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 |
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Cost share commitments - review, ensure commitments are fulfilled and documentation is in order |
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Unallowable expenses - review, request approval (if needed), prepare any necessary cost transfers |
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Equipment - review for allowability |
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Student fees and stipends - review for allowability |
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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 |
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Balance Subaccounts and Indirect Costs |
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Prepare Financial Expense Report for SPF (OPAFS) |
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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 |
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Concur and other expenses - reconcile expenses and track outstanding expenses |
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Technical reporting and other deliverables - consult with PI on status of reports |
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Tuition and fees - verify costs are associated with correct students; confirm outstanding charges |
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Recharges and other recurring expenses - request funding changes |
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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 |
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Vacation payouts - review budget impacts of terminating employee(s) |
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Effort Reporting - confirm effort reports are appropriately certified |
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VI. Review Deliverables and Reporting Deadlines |
Technical reports - review submission process and discuss schedule with PI |
Financial reports - submit final report to OPAFS |
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Other deliverables (equipment title reports, cost share reports, final invoice) |
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VII. Post End Date Follow Up |
Final invoice - reconcile accounts receivable |
Subcontract closeout |
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Post end-date charges and activity - monitor progress |
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Zero out fund |
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Inactivation of POET(AF) - monitor progress |