Closeout is the final obligation of a sponsored award. Deliverables and deadlines vary by sponsor, and it is the responsibility of the Principle Investigator to ensure the timely submission of documentation as specified in the sponsoring agency’s Notice of Award Agreement.
Closeout documentation generally includes:
- A final financial report
- A final invoice
- A final project report
- An equipment inventory report
- An invention/patent report when applicable
The PI is responsible for the preparation of all grant reports. Financial reports should be submitted to the Sponsored Programs Officer and the Director of Finance Budget for review prior to submission. The PI should be mindful of reporting deadlines to allow adequate time for this review. The Sponsored Programs Officer is also available to discuss and edit project reports.
Reports containing institutional data – figures regarding enrollment, retention, financial aid, finance, personnel, student life, etc. – should be consistent with information produced by the Office of Institutional Research. This should be accomplished by consulting the online Randolph College Fact Book or the Director of Institutional Research, Planning, and Assessment, rather than submitting data requests to individual offices.
The final report and supporting documents should be submitted to the Sponsored Programs Officer. Principal Investigators should retain copies of all reports.
Once a final financial report has been submitted to the sponsor, unaccounted for expenses will be charged to the Principal Investigator’s department.
Audits
Funds obtained from external grants are subject to examination by the College’s auditors as part of the annual audit of the College’s financial statements. Additionally, all federally funded programs, including grants, with expenditures in excess of $750,000 during a fiscal year are subject to a separate audit. Funding agencies may also perform their own audits of grant expenses. Principal Investigators should maintain all grant-related documentation for auditing purposes for at least five years after the end date of the grant period.
Ownership of Supplies and Equipment
All supplies and equipment purchased with grant funds remain the property of the College unless otherwise negotiated. Decisions concerning individual cases will be handled as they arise. If supplies and equipment are purchased with federal funds, their disposition at the end of the grant period must adhere to the procedures in the Office of Management Budget (OMB) Uniform Guidance and funding agency guidelines. See OMB Uniform Guidance § 200.313 for equipment, § 200.314 for supplies, and § 200.453 for materials and supplies costs, including the costs of computing devices. Contact the Assistant Controller for assistance.
Record Maintenance
Principal Investigators should maintain all grant-related documents and correspondence according to the College’s Record Retention Policy, which requires the retention of grant-related records for at least five years after the end date of the grant. The Sponsored Programs Officer also maintains files on grants awarded to the College. All correspondence to and from the funding agency should be given to the Sponsored Programs Officer. Electronic or hard copies are acceptable.