Close Out

Close Out Close Out Award

Expenditures Near the End of a Project

Investigators should consider the following when ordering supplies and materials near the end of a project's funding period:

  • Billing and payment can lag behind ordering. Purchased items must be delivered and used for the benefit of the project during the life of the project. Auditors will review expenditure activity at the end of the project period. A large amount of orders placed at the end of a project may give the appearance that the purchases will be used for future research. Stockpiling in this manner is not allowable.
  • Purchases of equipment are subject to the terms and conditions of the sponsored activity. In addition, purchases of equipment requested within six months of the end of a sponsored project are not allowed, unless the Principal Investigator submits a written justification to ORA who will either approve or forward this to the sponsor for approval. See Capital Equipment Policy.

Closeout

As with other stages in the sponsored projects lifecycle, there are requirements specific to award closeout to ensure that projects are accurately and officially closed.  Principal Investigators are responsible  for all final reporting requirements other than the final financial report.  See the Closeout Policy

There are variations to cost allowability for expenses immediately preceding and after the project end date. See Overdrafts and Disallowances Policy.

Final Technical Reports

The Principal Investigator is responsible for preparing and submitting the final technical report to the sponsor. Other sponsor closeout documents may include patent documents and scientific inventions. If the final technical report is late, the sponsor may threaten to shut off funds to the University for all accounts and stop issuing new awards. This is not a good outcome for the University or for the principal investigator.

Final Financial Report

A final financial report is required for most sponsored projects. The Office of Research Administration prepares the financial report and, with concurrence from the Principal Investigator, submits the report to the sponsor. Most sponsors require the final financial report within ninety (90) days of the termination date of the project.

It is the policy of the University of Miami to properly account for all project-related expenditures and to transfer residual balances resulting only after all costs on a fixed-price/fixed-fee contract have been recognized. Residuals will be transferred to a designated account within the Principal Investigator’s (PI) department. See the Residuals Balance Policy.

For more information about managing your award, visit the Post Award page

If you receive notice of early termination, contact the Office of Research Administration as soon as possible.