Closing of Projects
Confirmation of Completion
Obtain verbal/email confirmation from the Project Director that:
- All project activities have been completed
- All project related expenses have been incurred
- All relevant documents, timesheets, invoices, etc. have been submitted to TUC
Clearing of Remaining Purchase Orders
Generate a Project Budget Status report (BBA Report) to ensure that all Purchase Orders (POs) are cleared and there are no outstanding POs.
Payment of Outstanding Expenditures
Ensure that all of the following project expenses have been paid:
- Stipends
- Tuitions
- State Invoices
- Salaries & Release Times
Completion of Invoicing
Generate an AR Report (Accounts 120110 - 120170) for the project to determine if the granting agency still needs to be invoiced and if all invoices billed have been received.
- A positive balance in Account 120170 is an indication that a final invoice for the balance amount needs to be generated
- A zero balance in Account 120170 means all expenditures for the project have been billed
- A zero balance in Account 120110 means that all amounts billed have been received
Allocability
Generate a Detail Trial Balance, as of today. Analyze all entries (budgets & expenditures) on the DTB, and make sure that every entry made after the "End Date" of the project:
- Genuinely belongs to the project
- Any expenses have been incurred during the project period
Indirect Cost Calculation
Ensure on the Project Budget Status (BBA) report that the Indirect Cost (IDC) are calculated correctly. Consider the following:
- Not all expenses may be allowable for the calculation of IDC (Stipends, Tuition, etc.)
- Only the first $25,000 of subawards can be the basis for IDC
If not correct, make a Journal Entry (JE) to adjust it.
Revenues Must Equal Expenses
Ensure on the Project Budget Status (BBA) report that the Total Grant Revenues equal Total Expenses. If not, adjust revenues with a Journal Entry.
Note: Adjusting IDC and the Revenue could be done through one JE.
First Update Project Budget Status Report
- Update the Project Budget Status (BBA) report by running it for the particular project, only.
- Print 3 copies of the Project Budget Status (BBA) report (GC 01) for the file.
Closing Journal Entry
Make the CLOSING JE to close the available balances on the BBA Report (i.e. reversing all available balances on the BBA report, which would reduce the Budget figures to Actual Expenditures).
Mark Project as Closed in the Contract Folder (Blue Folder)
- Take one of the 3 copies of the Project Budget Status (BBA) you printed in the previous steps and:
- Write the word "Closed" on it
- Write the JE # of the CLOSING JE on it and your initials
- File it in the Contract Folder (Blue Folder) across from the "NOTICE OF GRANT / CONTRACT AWARD"
- At this time, also keep the other 2 copies of the in the Project Budget Status (BBA) report in the Contract File (blue folder).
Second Update Project Budget Status Report
Again, update the Project Budget Status (BBA) reports (both GC 01 & GC 09). At this point, the available balances on the BBA reports will be all zero & "Total Budget" will be equal to Total Expenditure.
Mark Project as Closed in PeopleSoft/Oracle
Access the "Award Attributes" page of the project In PeopleSoft/Oracle
- Click on "+" sign to create Page 2.
- In "Effective Date" box, change the date to the 1 st day of the month.
- In "Status" box, change it to "Inactive".
- In "Project Status" box, change it to "Closed".
- Click "Save".
Mark Project as Closed in the Billing Schedule
On the BILLING SCHEDULE spreadsheet:
- If an open Accounts Receivable for the project exists, note the last invoice date.
- If no open Accounts Receivable for the project exists move the Project information to the "Inactive" page.
Final Review Accounts Receivable
Ensure the balance on the AR Report is zero, and we are not expecting to receive any more payments:
- A zero balance in Account 120170 means all expenditures for the project have been billed.
- A zero balance in Account 120110 means that all amounts billed have been received.
Notification of PeopleSoft Administration
As a final step, log a case with EB Suite to the PeopleSoft Administrators asking them to close the project. This step completely closes the project and will take it off the PeopleSoft system. Thereafter, no entries towards the project will be possible.
Additional Steps For the Closing of Federal Projects
National Institutes of Health (NIH)
File the "Financial Status Report" (FSR) at the end of the project electronically through the NIH Commons website.
Additional information on electronic submission of an FSR is available at commons@od.nih.gov or Tel # 866-504-9552.
Important Note: Most of the new NIH Grants have the SNAP Clause: "This grant is subject to Streamlined Noncompeting Award Procedures (SNAP)". In this case, there is no need to file a FSR each year. A FSR will be due 90 days after the Final Budget Period ends.
- Go to the "T" Drive and access:
T:\USER\Contracts\GROUP\Sponsored Projects\ FED YEAR END WK'S, LETTER\S, & FORMS\ITD Worksheets
- Look for the Grant Number. Open the Worksheet to update it using the information on the latest BBA Report. If the project is in the 1 St year, create a new spreadsheet.
- File the FSR on the above referenced "Commons" website using the information from the Excel Spreadsheet.
- Mail a copy of the Final FSR report (after it has been approved by NIH on the Commons Site) and a copy of the spreadsheet we prepared in section (e) above to the project director.
- Keep a copy of the both forms in the file.
National Science Foundation (NSF)
There are no additional requirements (reports, etc.) for NSF grants.
U.S. Department of Education
For U.S. Department of Education grants Form 269, "Financial Status Report", short form, needs to be filed on an annual basis.
Update Excel Spreadsheet
- Go to the "T" Drive and access:
T:\USER\Contracts\GROUP\Sponsored Projects\ FED YEAR END WK'S, LETTERES, & FORMS\ITD Worksheets
- Look for the Grant Number. Open the Worksheet to update it using the information on the latest BBA Report. If the project is in the 1St year, create a new spreadsheet
Prepare Form 269 - Short Form
- Go to the "T" Drive and access:
T:\USER\Contracts\GROUP\Sponsored Projects\Cash Requests & Reports\PDF Forms\Reports
- Look for the PDF form from the last year's project to make a copy of, or use a blank form. Fill in the numbers using the information from the Excel spreadsheet.
Prepare Cover Letter
- Go to the "T" Drive and access:
T:\USER\Contracts\GROUP\Sponsored Projects\FED YEAR END WK'S, LETTERS, & FORMS\Letters
- Copy a previous cover letter used for a Department of Education projects and update it. Mail the original Form 269 plus two copies with the Cover Letter to the Department of Education.