Office of
Sponsored Programs

Guidelines

Award Closeout

future funding by the sponsor. A copy of an award’s final report should be submitted to an OSR Grants and Contracts Specialist. The report is added to the award file.As the official repository for all documentation related to sponsored activity at the Institute, the OSR maintains a file for each sponsored research award undertaken. The file includes a copy of the proposal, a signed copy of the award, all relevant financial information, including copies of payroll authorizations, invoices over $2,500 and documents requiring approval by the OSR, any correspondence between the Institute and the sponsoring agency, and copies of all project-related technical and financial reports. 

As the end date of a sponsored research award approaches, each project is reviewed by an OSR Grants and Contracts Specialist to ensure that all agency specific and Institute requirements have been met and that all necessary records are in the award file.

Most funding agencies require Final financial and technical reports. In general, the financial reports are prepared and submitted to the sponsoring agency by OSR Research Accounting Staff and the technical reports are prepared and submitted to the sponsoring agency by the Principal Investigator. A copy of the technical report should be sent to an OSR Grants and Contracts Specialist to serve as a record for the file. Please note that failure to submit reports in a timely manner may jeopardize future funding.

It is common for invoices, which relate to expenses incurred during an approved project period, be processed after the end date of the award. In order to prepare financial reports within the time period specified by the award, an OSR Grants and Contracts Specialist or Research Accountant may contact the Principal Investigator or project administrator and request information relating to all funds encumbered at the time of the awarded end date. Depending on the policies of the awarding agency, final financial reports submitted based on this information may not be subject to revision. It is important, therefore, to accurately identify all charges for a particular project at the time the final financial report is submitted.

For those 5-accounts that become overspent prompt cost-transfer requests must be submitted by the department. With a cost transfer request, the department may move the excess charges to either a department account or an appropriate sponsored research 5-account. Overspent 5-accounts that are in need of close monitoring by OSR may be "frozen" by the OSR Grants and Contracts Specialist or Research Accountant. Charges cannot be placed on "frozen" accounts without OSR approval.

In general, close adherence to the terms and conditions outlined in the award by the sponsoring agency is necessary. Also, copies of all information pertinent to a particular award must be kept in the award file at OSR as accounts are frequently selected by outside agencies for audit.

OSR staff is responsible for coordinating audits with external auditors. It is the policy of the Institute that a member of the OSR staff will be present at each audit being performed by an external sponsor. At times auditors may request interviews with Institute personnel or wish to tour a particular Institute department or building. External auditors are to be accompanied by a member of the OSR staff during any such interview or tour of an Institute facility.
 

Final Technical Reports

Upon termination of the award, the Principal Investigator is responsible for submitting the final Technical Report to the sponsor within the time frame specified. Failure to submit this report in a timely manner could jeopardize
 

Final Financial Reports

Sponsoring agencies usually specify how soon after an award ends when the final financial and technical reports should be received the sponsor. In order to prepare financial reports within the time period specified by the award, the OSR Grants and Contracts Specialist may contact the Principal Investigator or project administrator and request information relating to all funds encumbered at the time of the awarded end date. 

Depending on the policies of the awarding agency, final financial reports submitted based on this information may not be subject to revision. It is important, therefore, to accurately identify all outstanding charges for a particular award at the time the final financial report is submitted.
Contracts tend to have more reporting requirements than grants. Some of the more common reports required by contracts include:

  • Contractor's Release

  • Contractor's Assignment of Refunds, Rebates, Credits and Other Amounts

  • Patent Release

  • Government Property Forms Financial Status Reports

  • Invention Statements

These reports are usually completed by OSR staff and may require input by the Principal Investigator. Many private agencies and foundations have unique and rather extensive reporting requirements.