To establish authority and responsibility for the close-out of sponsored project accounts.
May 2020Responsible Office
Research Services is responsible for establishing and implementing policies and procedures to ensure sponsored project funds are closed out according to sponsor and University requirements. Research Services will issue financial reports based upon the general ledger activity at the close of an interim and/or final budget period, consistent with established financial reporting and account close-out procedures. The principal investigator and/or designee must ensure that, prior to financial reporting, all expenses are allowable and allocable to the project and that any required adjustments to expenses are posted in compliance with accounting, reporting and close-out policies and procedures.
Funds may not be obligated after the termination date of the sponsored agreement. Any purchase orders for equipment, supplies, or other materials or services must be executed prior to the close of business on the final day of the award performance period (budget period) and they must be authorized, allowable, and necessary for the completion of the project.
Office of Research Services
The source of this document is Research Services