Principal investigators (PIs) 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 and state projects, which vary from 30 to 60 days.
For projects with a positive balance that are not Fixed Price Agreements, the PI is responsible to inform the Sponsored Programs Accounting office (SPA) what action they want taken. If no specific advice has been received within the close-out period of the project; the 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 Facilities and Administrative cost portion must be transferred to the central Facilities and Administrative cost index and the remainder can be transferred to the PI’s institutional research and development (IRAD) index. In the case where the university voluntarily waived all or a portion of Facilities and Administrative costs the full applicable Facilities and Administrative costs will be transferred to the central Facilities and Administrative cost index and any remaining balance will be transferred to the PI’s IRAD index. For balances $1,500.00 or less this is accomplished by notifying SPA in writing that all deliverables have been met. For balances greater than $1,500.00 the PI must prepare the Request for Modification form, stating that all deliverables have been met. They must sign the form; attain their department chair/director signature and submit the form either to the Office of Industry Engagement (IIE) or the Sponsored Programs Office (SPO). IIE or SPO will forward the completed Request for Modification form to SPA. Once SPA receives either of the notifications described above; SPA 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 PI will be notified and the transfer will be made once payment is obtained.
Projects with a deficit also need to be closed on a timely basis. See Expenditures Exceeding the Award Amount.