Close Out

For detailed information,  read the Financial Closeout Reference Guide >>

 

The closeout procedure is the final stage in the life cycle of a sponsored award, and presents Columbia with the opportunity to confirm that all contractual and financial obligations have been met

OMB Circular A-110 sets following award closeout requirements:

► Submit all sponsor required reports and liquidate all obligations within 90 calendar days of award termination

► Refund any balances of unobligated cash that was paid by the sponsor

► Disclose information on any property acquired with funds received from the sponsoring agency

 

The closeout procedure begins when Sponsored Projects Finance (“SPF”) identifies an award with an approaching end date

 

 

Statuses in ARC

ARC uses Statuses that mimic the Freeze and Delete Flags in FAS

 

Project and Activity Status controls online entry in ARC, while Processing Status controls integrating systems

•  When Processing Status is “Active,” transactions from integrating systems will hit a project, whereas when Processing Status is “Inactive,” transactions from integrating systems will be rejected

 

In ARC, Project and Activity statuses replace the “Freeze” and “Delete” flags in FAS

•  The “Ended” status is applied automatically by the system the day of the Project/Activity End date

•  The “Closeout” status should be applied 90 days after a Project or Activity terminates

- Will be applied manually by SPF

- Comparable to the FAS “Freeze” Flag

- If applied to the Project, “Closeout” status will effectively limit transactions on all Activities, though it will not change the status on those Activities

 

The “Closed” status will be applied manually by SPF when the Projects/Activities are reconciled and all fiduciary responsibilities to the sponsor have been meet

•  “Closed” status can be applied to Activities before “Closed” status is applied on Project

- In ARC, unlike FAS, applying the “Closed” status to activities will not result in the understatement of expenditures on the Project

- Comparable to FAS “Delete” Flag

 

This table reflect transaction transmission on Projects in various statuses:

 

Project Status

Open

Ended

Closeout

Closed

Hold

Budget

Requisition

OK

Reject

Reject

Reject

Reject

Reject

PO

OK

Reject

Reject

Reject

Reject

Reject

Voucher

OK

Warning

Reject

Reject

Reject

Reject

PO Close

OK

Warning

Warning

Reject

Reject

Reject

Journal Entry

OK

Warning

Warning

Reject

Reject

Reject

Processing Status

Active

Active

Active

Inactive

Inactive

Active