TUC Sponsored Programs

Closing Your Project

1. Background

Grant agreements for sponsored programs usually require a final financial report to be submitted to the granting agency within 90 days after the end of the project. It is imperative for the Project Director and The University Corporation to meet this deadline. Non-compliance may result in the withholding of future payments and grant approvals for other projects.

2. Assistance During the Closing Process

2.1 Closing Preparation Support from TUC-Sponsored Programs

TUC-Sponsored Programs (TUC-SP) will actively work with the Project Directors to achieve a correct and timely closing of their projects.

Project Directors are encouraged to set up a meeting with a member of the TUC-Sponsored Programs team at least 60 days before the end of the project. During this meeting the TUC-SP team member will review the current status of the project, suggest preparatory activities and point out deadlines and procedures.

2.2 No-Cost Extension Through the Office of Research and Sponsored projects

Project Directors, who anticipate unexpended funds at the end of their project, or who are uncertain about being able to meet the deadlines listed, are strongly encouraged to request a no-cost extension from the sponsoring agency.

Please contact the Office of Research and Sponsored Projects (ORSP), as early as possible to apply for the extension.

Please be advised that any extension is solely at the discretion of the granting agency.

3. Project Closing Schedule

The final reports filed with the granting agency must contain the final financial figures.

Meeting this deadline requires the Project Director and TUC-Sponsored Programs to adhere to the following schedule:

3.1 Project Director

Anytime during the project:

  • If unexpended funds are anticipated at the end of the project or deadlines may not be met, apply for a no-cost extension through the Office of Research and Sponsored Projects (ORSP).
  • 60 days before the end of the project: Contact TUC-Sponsored Programs and set up a meeting to prepare for the closing of the project.
  • 10 days before the end of the project: Ensure that all new purchase orders are submitted prior to this date.
  • Past this deadline, no purchase orders will be accepted for approval, unless accompanied by a written statement from the vendor, declaring that delivery and invoicing will be completed prior to the end of the project period.
  • Within 45 days after the end of the project: Review the Detailed Trial Balance and correct inappropriate expenses.
  • Within 60 days after the end of the project: Close out all open purchase orders, or if appropriate move them to another project.
  • Approve all open invoices for payment and send them to The University Corporation.
  • Within 90 days after the end of the project: If applicable, file a copy of the cost-sharing statement with TUC-Sponsored Programs.
  • File a copy of the final technical or program report with TUC-Sponsored Programs. If the document is confidential or very large, file a copy of the cover letter accompanying the report.

3.2 TUC-Sponsored Programs

In order to ensure the timely filing of the final report, TUC-Sponsored Programs is required to conduct the following procedures

  • 60 days before the end of the project: Meet with the Project Director to prepare for the closing of the project.
  • 10 days before the end of the project: Ensure that all purchase orders after this date are accompanied by a written statement from the vendor, declaring that delivery and invoicing will be completed until the end of the project period.
  • 60 days after the end of the project: Cancel all open purchase orders. In case a follow-up project exists and it is appropriate, move the purchase orders to this project. If no follow-up project exists, contact the vendor and retract the purchase order.
  • If the order cannot be retracted, the Project Director will be responsible for allocating the expense to a different funding source.
  • If appropriate, move all open invoices to the follow-up project. If no follow-up project exists, identify a different source of funding.
  • The Project Director will be responsible for allocating the expense to a different funding source.
  • 90 days after the end of the project: File the final financial report with the granting agency