The university has an obligation to fulfill sponsor and funding agency requirements to bring funded projects to closure in a timely manner as specified in the grant award. Closing includes a financial accounting of costs as well as a report of the study findings.
Preparing for Project Closeout
Preparation for closeout begins by contacting Michele Varso, CNR Grants Coordinator, at 330-672-8767 or firstname.lastname@example.org, three months prior to the end date of the project in order to accurately forecast expenses and make any adjusting entries. This also permits sufficient time for expenditures to be liquidated and gives the principal investigator time to prepare their closing report. There can be no expenditures made after the grant period has ended.
After Project Closeout
The Center for Nursing Research will collaborate and serve as the liaison with all parties to ensure that no additional expenditures have been incurred after the project end date, all project work has been completed, required reports filed and financial matters resolved.
In order to complete a project closure, the university must submit the final financial and programmatic reports to the sponsor within the time period specified by the funder. The sponsor will review these reports to ensure compliance with all terms and conditions specified by the award. The sponsor may also require patent disclosure, equipment disposition or other required reports after the termination date or with the final report.
Grant records are subject to annual audit and are retained for a minimum of three years from the date the final reports are filed or approved.