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.

 

Requirements and Procedure

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.

 

Status 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

 

Review Steps

  1. Review the budget and all direct and indirect costs charged to ensure that they are in line with the award agreement and all applicable terms and conditions. Confirm that charges are allowable, focusing on payroll charges, office supplies, telephone, and postage charges. Remove any unallowable costs.
  2. Review outbound Sub Awards to ensure that deliverables have been met and invoices submitted to Columbia have been paid.
  3. Submit pending cost transfer requests, which must comply with the specifications detailed in the Sponsored Projects Handbook.
  4. Clear petty cash and travel advances, liquidate open encumbrances and purchase orders.
  5. Review anticipated integrating systems distributions (such as payroll and communications) to ensure that charges will cease to post to this budget period once the end date elapses.
  6. If there is an overrun, remove the overrun expenses to an unrestricted project, or substantiate the overrun to your Sponsored Projects Finance (SPF) Project Manager in accordance with Columbia’s sponsored project Cost Overrun Policy.
  7. If there is an unexpended balance that you wish to carry over or utilize, coordinate with your Sponsored Projects Administration (SPA) Project Officer to determine whether prior approval from the sponsor is required.
  8. For training grants, provide your SPF Project Manager with the stipend, tuition, and fee amounts by trainee to be transferred to the following period.
  9. Prepare and submit progress reports, technical reports, certifications, and invention statements required by the sponsor, coordinating with your SPA Project Officer when needed.
  10. Determine if a no-cost extension is necessary. If so, coordinate with your assigned SPA Project Officer, and notify your SPF Project Manager.
  11. For training grants, when preparing to submit a termination notice, provide your SPF Project Manager with a copy of the Statement of Appointment, Termination Notice, ARC statements which support stipends paid, and the Payback Agreement.