Skip to main content
Navigate Up
Sign In

University of Colorado Denver | Anschutz Medical Campus

University of Colorado Denver

Financial Compliance and Training

Tools and Resources: Spotlight On ...

  Award Closeout:  Tips for Departments


o   Review terms and conditions of the award at establishment to determine the closeout timeframe.

o   Create reports to track projects nearing closeout (The University Sponsored Projects Monthly Financial Status Report classifies awards that are in the last 90 days, 60 days, 30 days and outlines the necessary steps to start the close out process)

o   Coordinate with your post-award administrator at the Office of Grants & Contracts to determine division of duties in the closeout process.

o   Prepare and use a closeout checklist.

o   Know in advance that a project will require an extension.  Understand how to obtain an extension. (Prior approval letter, contract amendment, etc)

o   Reconcile speedtypes properly and ON TIME.

o   Pursue final invoices from subcontractors, and ensure all other pending expenses are processed and posted to the general ledger. Ensure all outstanding encumbrances in the general ledger have been resolved and zeroed out.

o   Remove or re-designate salaries and other recurring charges immediately before termination of the project.

o   Review sensitive and administrative type expenses on a continuing basis leading up to the closeout.

o   Review expenses in the last 90 days of the project and subsequently after the project end date to ensure appropriateness.

o   Transfer off any unallowable expenses before closeout, if any.

o   Ensure all personnel effort reports have been certified.

o   Ensure cost sharing requirement and reporting have been met, if applicable.

o   Confirm with the PI that the project is programmatically and financially ready for close out (you may document this communication and include it in the closeout/project file)

o   Close out multi-year awards; if necessary request prior approval for carry forward balances and/or process internal paperwork accordingly.

o   Request a pre-award spending account for the next budget period (if new projects are created for each budget year of the award) before the current budget period ends.

o   Meet deadlines for technical and financial reporting requirements of the sponsor.

o   Close out projects within 90 days from the budget end date.

o   Establish residual accounts in advance (only applies to fixed price grants and contracts). Additional approval for keeping residuals may be required.

o   Retain appropriate records, per the University Record Retention Policy as well as the guidelines of the individual sponsor where applicable. Include in the project file a signed copy of the checklist noting the date closed, final financial reports, and any other relevant documents produced from the closeout process.


Failure to comply with the close out requirements of the sponsor may jeopardize future funding to the institution. Sponsors sometimes withhold incremental funding or final payments until the awards are properly closed out.

University of Colorado Denver

© The Regents of the University of Colorado, a body corporate. All rights reserved.

All trademarks are registered property of the University. Used by permission only.