Closeout


Grant & Contract Closeout Overview

Closeout is an integral part of and the final step in the agreement life. Award close out procedures are primarily focused on achieving the following goals in accordance with the Sponsor and the University requirements:

  1. Closing the award with the sponsor and submitting all final reports.
  2. Closing the award in our internal financial system (Banner).

The closeout process can usually begin 60 days following the end of the period of performance. However, if the sponsor requests closeout before that time, GMU will comply.


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Closing with the Sponsor

In many instances, the sponsor will send a request for closeout documentation, but for the majority of awards the award document must be reviewed carefully to determine what the final reporting requirements are.

In other cases, closeout activities on the sponsor side may not be initiated until several years after the end of the period of performance. In these cases the sponsor will send a closeout package when they close on their end, but we can proceed with closeout process in Banner if everything else is in order and complete closeout documents when they are received.

Final Reporting Requirements

Final Financial Reports

Final Invoices

Submission of Final Financial Report

Final Technical Reports


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Closing in Banner

In order to close an award in Banner all of the following must be completed:

    All cost overruns must be resolved by the department. Journal Vouchers and/or funding change forms should be submitted as quickly as possible to move off any charges exceeding the award amount.

  • No outstanding invoices. We cannot close the project in Banner until we have received payment for all invoices submitted to the sponsor.
  • All wage positions must be terminated. Funding change forms should also be submitted as soon as possible for faculty & classified staff to avoid late salary charges.
  • Submit paperwork to close petty cash accounts if applicable.
  • Subcontract encumbrances must be closed if applicable. OSP will send the subcontractor closeout paperwork to complete. As the end of the subcontract agreement approaches PIs should remind subcontractors that they must submit their final invoices to OSP within 30 days of the end of the subcontract agreement so that these charges can be included with our final invoice to the sponsor.


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Firm-Fixed Price Awards

  • Firm-fixed price agreements are reviewed at 60 days after the end of the period of performance.
  • If the balance remaining is less than 15% of the award amount the unexpended funds will be transferred to the PI’s pool org.
  • If the balance remaining exceeds 15% of the award amount, additional paperwork is required. A fixed-price closeout worksheet will be sent to the PI. All questions on the worksheet must be answered clearly & with as much detail as possible. The worksheet must be signed by the PI, the department chair, and the dean or director.
  • If the balance remaining exceeds 35% the form must also be reviewed and approved by the university controller.
  • Once all signatures have been obtained, the remaining funds minus the applicable indirect will be transferred to the PI’s pool org.


Pooled Org for Firm Fixed Priced Grants & Steps for Closing a Pooled Grants pdf file icon. you will be leaving the site

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File Management

All files in the closeout process are tracked using an excel spreadsheet. The file tracking system is also a useful tool for locating closeout files. When a project is fully closed, the label on the outside of the file should be tagged with the date of closeout. This will assist with determining the retention period. Files are kept on-site for 3 years and then moved to off-site storage for 7 years for a total retention period of 10 years.


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