Project Close-Out Activities
Approximately 100 days before a project end date, the close out process begins. Close out reporting is a multi-step process. The Post-Award POC works directly with the PI and/or support staff to accurately report the final financial status of the project.
The Post-Award POC will work with the PI to determine: if the project is running on schedule, if all expenses have posted to the project index and if any commitments or encumbrances are present. The PI and the POC will need to review sponsor guidelines for direction about final reporting. All discrepancies between the PI’s records and the Banner index must be substantiated with appropriate documentation in order to reconcile the index.
In order to close out a grant and its associated index, several activities must be undertaken. There are reporting obligations, financial reconciliations and other account close-out tasks that must be completed.