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Closing Out an Award

The last step in a grant or contract’s life cycle is project closeout. Closeout is the process of documenting and assuring the fulfillment of the terms and conditions of the award or contract and making final report of all study by-products.

The closeout process involves submission of all technical, financial, and other reports as required to the sponsoring agency on time. A thorough knowledge of the terms and conditions of each award is necessary for a full understanding of the closeout process. Additionally, to assist with the account closeout process, we have developed a checklist which can be found here.

Grant closeout documents must be submitted within 90 days of the budget and project period end dates cited on the Award, unless a competitive continuation application is funded. The PI must submit a final progress report to the sponsor before an award can be closed out. Sponsors might also require an additional form, report, final invention statement, or final financial status report to officially close out an award. Review the terms and conditions of your award for specific close out procedures.

Unless it requires institutional endorsement, progress reports can be submitted directly to the sponsor. The Office of Sponsored Programs will sign the final invention statement and prepare the final financial report. 

Final Progress Report

The Final Progress Report may be typed on plain white paper and at a minimum should include:

  • A summary statement of progress toward the achievement of the originally stated aims
  • A list of results (positive and negative) considered significant
  • A list of publications
  • A face page is NOT needed

An original and one copy of the document must be submitted to the NIH.

The Final Progress Report and Final Invention Statement are sent to the same institute/center-specific address, which is found on the final year award notice. A copy of the award notice is kept in the Office of Sponsored.

NOTE: Although it is not an absolute requirement to route the final progress report through the Office of Sponsored Programs, it is recommended that the final progress report be submitted to the sponsor along with the Final Inventions Statement, which must be reviewed and approved by the Office of Sponsored Programs.

Final Invention Statement (HHS 568)

Complete the Final Invention Statement (HHS 568) (If no inventions, state "None") and send (preferably with the Final Progress Report) to the Office of Sponsored Programs for institutional signature.

The Final Progress Report and Final Invention Statement are sent together to the institute/center-specific address, which is found on the final year award notice. A copy of the award notice is kept in the Office of Sponsored Programs.

Final Financial Statement (SF 269)

This document is generated and submitted by Office of Sponsored Programs and requires no action by the principal investigator.

All industry sponsored accounts should be closed out at completion of the sponsored research project and any residual balance transferred to a residual account. This close out should be completed within 90 days of notification of project completion per the Residual Policy – For-Profit Sponsored Accounts.

The Principal Investigator is responsible for ensuring that all expenses have been appropriately charged to the project and that all funds due have been received in full before the close out occurs. If the account has a residual balance greater than 25% of the amount received, the PI will be required to provide an explanation and justification. Once the residual balance has been approved, funds can be transferred to a department account.

Once the close out process has been initiated, no further charges (including salary) can be applied to the account being closed out. If additional payments are received after a close out occurs, the account may need to be reactivated to create an accurate audit trail.

Reasons Industry Funded Accounts are Eligible for Close Out

  • The study is complete and all activities associated with the study are complete.
  • The study sponsor initiates termination of the study.
  • The Principal Investigator initiates termination of the study.

Required Activities for Industry Funded Account Closure

How to Close Out Industry Funded Projects

  1. To initiate the process, PI or department designee must complete, sign and submit the Request for Access to Residual Balance Form to the Office of Sponsored Programs.
  2. The Office of Sponsored Programs will confirm and approve the account closure and the request for the residual balance and will send an e-mail notification of approval of the transfer of residual funds to the account specified by the PI on the Request for Access to Residual Balance Form.
  3. Department designee and/or PI is responsible for reviewing their financial statements to ensure the account has been closed; if the account remains open for more than 90 days after receipt of the notification of approval of account close out and transfer of residual funds, department should contact the Office of Sponsored Programs.