Closing an Award

Financial Closeout and Expenditure Validation


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


Closeout Phases


The closeout process consists of three 90-day phases:


• DA/PI responsibilities during closeout phases:

- Closeout Phase 1:

- Monitor accounts and execute transactions necessary to accurately reflect expenditure activity on an account before it terminates

- Closeout Phase 2:

- Provide SPF with SMARTREQ at least 30 days prior to the FSR due date, and ensure that any outstanding transactions are executed so that actual expenditures mirror expenditures reported on the SMARTREQ

- Closeout Phase 3:

- Revisit account expenditure activity, and work with SPF to ensure that any allowable out of period adjustments are executed