Award Closeout must be completed at the expiration of the period of performance of a project. Some sponsors may require different types of final reports, including technical or programmatic reports, financial reports, patent and invention reports, and property inventory reports for purchased and/or sponsor-supplied equipment and technology. Some sponsors may also require the submission of a final invoice and a Contractor’s Release.
Information regarding applicable final reports can be found in the award document or contract and/or the sponsor’s award guidelines. If there is any doubt regarding materials due to the sponsor, please contact your Grants Specialist prior to the end of a project. The OSP can assist the principal investigator in determining reporting requirements, report distribution, and required delivery dates. After the project is complete and closeout procedures have been performed, the entire project file, including accounting records subject to audit, is stored for the period of time required by the award.
Time Extensions and Other Modifications
The need to extend the period of performance on a project should be evaluated by the principal investigator prior to initiation of closeout. A time extension or other project modification may be required to complete the specific aims of the project due to unforeseen circumstances. If modifications are required, please request a time extension for the project by first notifying your Grants Specialist of your intent. Any such requests for modification will be submitted by the OSP on behalf of UNCG.
Technical/Programmatic Reports and Other Deliverables
The responsibility for stewardship of the project vests with the principal investigator, including the responsibility for submission of all technical reports required under the terms of an award and other agreed upon deliverables described in the Statement of Work. Failure on the part of the principal investigator to deliver any required reports or deliverables to the sponsor in a timely matter may affect the collection of funds for this project and future funding from that sponsor to UNCG. In addition, the terms and conditions of many awards provide that final payments will not be made until the required final reports have been submitted to the sponsor. The principal investigator is also required to provide the OSP with a copy of the final technical report.
Financial Reports, Contractor’s Release, Refunds, and Claims
The Office of Contracts and Grants is responsible for submitting any financial reports required to closeout the award account. The expiration of an award may coincide with the submission of a final invoice and/or final financial report from UNCG to the sponsor. In the final invoice, UNCG would request any residual funds due to the University under the award or refund to the sponsor any excess funds not already expended, depending upon the cost structure defined in the award. Any non-substantive residual funds from a fixed-price contract can be moved to another account at the principal investigator’s request. When Contracts and Grants determines that no funds are owed to the University for expenses incurred under an award, a Contractor’s Release may be issued by the OSP as an acknowledgment by UNCG that it has no further claims against the sponsor.
The Office of Contracts and Grants is responsible for any required financial reporting at the end of the period of performance, and will work closely with the OSP to ensure that all charges are allowable, allocable and reasonable under University policy, specific terms and conditions of the sponsor, federal regulation. However, this does not absolve principal investigators from their responsibility for the proper stewardship of the project. The principal investigator should assist these offices with any problem regarding reconciling the account(s) prior to final financial reporting.
Inventory Reports and Title to Property
In most cases, title to property will vest with UNCG after completion of the project. However, the terms and conditions describing title and disposal of equipment provided in the award must be followed closely when closing out a project. A sponsor may request a property inventory report regardless of whether or not title to such property is retained by the University. Currently, the OSP is responsible for completing the final inventory report in cooperation with the assistance of the principal investigator.
Patent and Invention Reports
When required by the sponsor, the OSP completes a final Report of Patents or Inventions, regardless of whether or not any patentable intellectual property was created. If a patentable idea, invention or discovery is made as a result of a sponsored project, the disclosure of such must be made through the Office of Innovation Commercialization, usually within a specified time described by the award agreement, or the University may lose rights to the invention. The principal investigator must contact the Office of Innovation Commercialization as soon as reasonably possible to report any inventions, as described in UNCG’s Intellectual Property Policy.
For assistance, contact your Grants Specialist.