Principal investigators are responsible for overseeing the proper closeout of sponsored projects. OMB Circular A-110 details requirements for the timely submission of financial reports, technical reports and other closeout procedures. Agencies may withhold final payments or my not approve future funding is reports on a current project are late.
Be aware of your project end date. At least 3 months prior to this date, the PI should carefully review the project’s financial status and final report requirements. If there are recurring charges (ex. payroll), make arrangements to end those charges by the close out date.
Purchases: You should expend all project funds by the end of the project. Be aware of the project end date to allow enough time for the University to place purchase orders, make payments, etc. You should not buy equipment or materials or make other major purchases near the end of the project period unless it is specified in the project timeline. Agencies generally require that all equipment be purchased and received in time to be used in the project. Equipment purchased at the end of a contract period may not be seen as directly benefiting the sponsored project.
Final Reports. Reports required at the close of a project vary by the sponsor. Most federal sponsors will require financial, invention, and technical reports. Other reports that may also be required are property reports, contractor’s release forms, and a contractor’s assignment of refunds, rebates, and credits forms. Closeout reports are due 30 to 90 days from the project’s end date.
Submit all final reports to SPFAC. We will obtain required University certifications and ensure that the reports meet funding agency reporting requirements. Suggested revisions based on this review will be forwarded to you for action before the final reports are released to the funding agency.
SPFAC will prepare the final financial report. Review the monthly account ledger to make sure that all payments have been made. If you find that a certain payment is not recorded, contact SPFAC immediately.
NSF reports can be completed online by the PI, but SPFAC must be informed when it submitted and must receive NSF acceptance of the final report. Board of Regents final reports (and interim) can also be submitted electronically, but SPFAC must review before it is officially submitted.
Record Retention. Federal regulations state that all financial records, supporting documents, statistical records, and all other records pertinent to an award should be retained for a period of three years from the date of the final expenditure report. Following state regulations, SPFAC and Administrative Services retain all financial and administrative data for five years from the completion of the award.
As the PI, you are responsible for retention of all technical reports and research data, regardless of the form or the media on which it may be recorded, including computer software. This data is generally defined to include laboratory notebooks, computer disks, and machine printouts.
You should retain all technical and research data for five years from the acceptance of the final technical report. You must provide a copy of such data to SPFAC if you leave the institution before the five-year period has elapsed.