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:
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. 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 Research Administration as soon as possible.
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