Principal investigators are responsible for overseeing the proper close-out of sponsored projects, including timely submission of all required reports. The normal close-out period is 90 days, except for federal pass-through projects, which vary from 30 to 60 days.
For projects with a positive balance that are not Fixed Price Agreements, the PI is responsible must tell the Sponsored Programs Accounting office what to do with the funds. If no specific advice has been received within 90 days, the project budget will be reduced and the sponsor will not be billed in full, or funds will be returned to the sponsor.
Fixed Price Agreements are based on the best estimate of the funds needed to complete a project. In some cases, a small residual balance may remain at the end of the project. At the time the project is to be closed, the PI may retain a portion of the balance. The indirect cost portion must be transferred to the central indirect cost index and the remainder can be transferred to PI’s incentive index. This is accomplished by the preparation of the Request for Modification form, stating that all deliverables have been met and signed by the PI and department chair/director.
The Sponsored Programs will forward the completed Request for Modification form to Sponsored Programs Accounting, where staff members will verify that the University has been paid in full and the transfer will be made. If the university has not been paid in full the transfer will not be made and the PI will be notified.
Projects with a deficit also need to be closed on a timely basis. See Expenditures Exceeding the Award Amount.