Award Closeout

Award Closeout is the process of finalizing all administrative and programmatic requirements for a sponsored award. This includes submitting all required reports, reconciling financial accounts, and returning any unused funds to the funding agency. Award Closeout typically begins within a few months of the end of the award period, but the specific timeline may vary depending on the funding agency and the type of award.

Here are some of the key steps involved in Award Closeout:

1. Review the award terms and conditions. This will help to ensure that all requirements have been met and that the award is in good standing.

2. Submit all required reports. This typically includes a final technical report and a final financial report. Some funding agencies may also require additional reports, such as a final invention statement or a human subject’s research closure report.

3. Reconcile financial accounts. This involves ensuring that all expenses have been properly charged to the award and that all unused funds are returned to the funding agency.

4. Close out all Subawards. If the award includes Subawards, these will need to be closed out in accordance with the funding agency’s policies and procedures.

5. Finalize all administrative tasks. This may include completing any outstanding paperwork, such as timesheets or travel reimbursement requests.

Once all of these steps have been completed, the award will be officially closed out. The funding agency will typically issue a notice of award closure, which will release the institution from any further obligations under the award.

If the sponsored award included any Subawards, the closing out of each Subaward is also a pertinent factor in the overall closeout of the larger award. This often includes submitting all required reports, reconciling financial accounts, and returning any unused funds to the Prime Awardee (USC).

Here are some of the key steps involved in Subaward Closeout:

1. Review the Subaward Agreement. This will help to ensure that all requirements have been met and that the Subaward is in good standing.

2. Finalization of all Administrative Tasks. This may include completing any outstanding paperwork, such as timesheets or travel reimbursement requests.

3. Submission of all Required Reports. This typically includes a final technical report and a final financial report from the Subawardee. 

4. Reconcile Financial Accounts. This involves ensuring that all expenses have been properly charged to the Subaward and that all unused funds are returned to the Prime Awardee (USC).

Once all of these steps have been completed, the subaward will be officially closed out. PIs are encouraged to remind subrecipients of these needs well in advance of the due date for such reports.

Final reports typically summarize the project’s accomplishments, expenditures, and other relevant information. Submitting these reports on time is an important part of the research administration process, as it allows funding agencies to assess the impact of their investments and ensure that funds are used appropriately.

What Final Reports Do:

• Demonstrate Accountability: Final reports allow funding agencies to see how their funds were used and how the research project contributed to the advancement of knowledge.
  
  
• Provide Feedback: Final reports provide feedback to funding agencies on the strengths and weaknesses of their research programs. This feedback can help funding agencies to improve their programs and make better decisions about how to allocate resources.
  
  
• Promote Collaboration: Final reports can be shared with other researchers and stakeholders, which can promote collaboration and new discoveries.
  
  
• Disseminate Research Findings: Final reports can be published and disseminated to the public, which helps to raise awareness of research findings and their potential impact on society.

Overall, final reporting is an important process that helps to ensure the integrity and quality of research. It also helps to promote accountability, collaboration, and the dissemination of research findings.

The specific final reports required for Award Closeout will vary depending on the funding agency and the type of award. However, some of the most common final reports required for Award Closeout include:

• Final Technical Report: The Final Technical Report summarizes the project’s accomplishments, findings, and conclusions. It also discusses the project’s impact on the field and any potential future research directions.
  
  
• Final Invention Statement: The Final Invention Statement discloses any inventions or discoveries that were made during the project. This information is used by the funding agency to determine whether any intellectual property rights need to be protected.
  
  
• Final Property Report: The Final Property Report accounts for all tangible property that was purchased or acquired with funding from the award.
  
  
• Final Subrecipient Reports: If the award included subawards, the institution will also need to submit final reports for each subaward. These reports will typically include the same information as the Final Technical Report, but for the subaward specifically.

In addition to these final reports, the institution may also be required to submit other documentation, such as data management plans, human subjects research closure reports, and animal welfare reports. The funding agency will provide specific instructions on the final reports and documentation that is required for Award Closeout.

Final Reports are typically submitted to the sponsor electronically, through a web-based portal or email. Some sponsors may also accept Final Reports in paper form, but this is less common. To submit a Final Report electronically, the Principal Investigator (PI) will need to log into the sponsor’s web portal and upload the report file. The report file should be in a format that is compatible with the sponsor’s requirements, (such as PDF or Word).

Before submitting the Final Report, it is important to proofread it carefully to ensure that it is complete and accurate. The PI should also check with the sponsor to make sure that the report is in the correct format and that it has been submitted to the correct email address.

In addition, all Final Technical Reports, Final Invention Statements, Final Property Reports, and Final Subrecipient Reports should be submitted to the Department of Contracts and Grants (DCG) via the Final Report Submission Portal. Once received, the Award Closeout Team in DCG will internally close out the award in the University’s data system (Cayuse SP).

Below are some common Sponsor Award Closeout forms.

• The National Institutes of Health
• The National Science Foundation
• Department of Defense
• Department of Energy
• The National Aeronautics and Space Administration