Procedures for Project Closing

The University has an obligation to sponsors to bring funded projects to an orderly close and to submit a final technical and financial report. The necessary closing procedures may vary, depending on the policies of the sponsoring agency and whether the support was in the form of a grant or contract. The requirements may vary from a one-page form to a multi-page document.

OMB Circular A-110 guidelines set forth detailed requirements with respect to the complete and timely submission of financial reports and other such closeout procedures for federal grants and contracts. Failure to adhere to these reporting requirements in connection with a specific grant or contract may result in the withholding by the federal agency of new awards campus-wide or the suspension of payments for costs incurred by the University on other projects funded by the agency.

Some sponsors require that final reports be signed by an Authorizing Official of the University. In these cases, the report should be sent to DRDA which will obtain this signature and send the required materials to the sponsor.

Technical Report

The Project Director is responsible for timely submission of the final technical report. Specific sponsor requirements for the technical report are usually defined in the award package. DRDA Project Representatives can be contacted for any clarification that may be necessary. A copy of the cover letter transmitting the technical report to the sponsor should be sent to your DRDA Project Representative.

Financial Report

Financial Operations prepares the financial report. For more information on financial reports, see the Financial Operations/Sponsored Programs website

Discoveries, Inventions

In addition to the technical and financial reports, most sponsors require the University to report on any inventions, discoveries, or other novel commercial developments that were funded by the project.

Property & equipment disposition

Many federal agencies also require a report on property disposition. DRDA and Property Control have responsibility for submission of these reports. The required information, however, must come from, and in some cases, be signed by the Project Director. The UM Standard Practice section guide spells out procedures for the disposition of equipment at the end of a project or when it is being transferred to another institution. See the Property Control webpage Transferring Equipment (it also covers sales at the end of a project.)

Notification

Within 90 days of the project closing date, the Project Director will be contacted to provide the necessary information. The variety of sponsor requirements makes it difficult to initiate a single closing form or procedure. In many cases, the closing can be completed with a brief phone call. However, it may be necessary for DRDA or Property Control to send out a notice that will require a written response.

It is in the best interest of the University to act promptly in completing the closing process on project accounts because it saves money and protects the good name of the institution. Most federal agencies withhold final payment on projects until all required documents are delivered.