GAP NO. 200.180
Closeout of Sponsored Project

I. General
II. Procedure for Closing Projects with Established End Dates
III. Procedure for Closing Projects without Established End Dates
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I. GENERAL

Certain procedures must be followed when a sponsored project is ending to ensure that the University meets reporting requirements imposed by sponsoring agencies. Costs charged to the project must be stopped as of the project end date. All cost adjustments to a project must be recorded within two accounting periods after the end date, or sooner, if the sponsor requires the final financial report/billing prior to 90 days after the end of the project. If cost transfers are not recorded in this time frame, financial reporting may be delayed and the chance of the cost being disallowed is substantially increased. GAP 200.150, Cost Transfers on Sponsored Projects provides further information on cost transfers.

 

II. PROCEDURE FOR CLOSING PROJECTS WITH ESTABLISHED END DATES

A. During the Three Accounting Periods Prior to Project End Date

Each month the departmental administrator should run the ZF110 (Projects Ending in 3 Months). This report provides a listing of projects that are set to expire within the 3 fiscal months following the fiscal month specified when the report is run. The report provides the Project Number, Description, Org Unit Code, Principal Investigator, and Project End Date. The end date will be listed under the appropriate fiscal month in which it will expire. Below are a list of actions that will be required.

B. During the Two Accounting Periods after the Project End Date

All corrections and other transactions necessary to bring the costs shown on the WBS element to the correct amount must be recorded on the general ledger during the two accounting periods following the project end date. This is the responsibility of the departmental administrator.

To facilitate the closeout of a project, the Office of Sponsored Programs sends out a "Worksheet" (ZF114 – Sponsored Programs-Analysis of Transactions After End Date) to the department administrator one accounting period after the end of a project. The ZF114 is now available for the department administrator to execute themselves. The “Worksheet” lists all expenses that have been charged to the project after the project end date. The Department Administrator must review the expenses and indicate in the columns provided whether each expense is allowable or if a Journal Voucher is in process to remove the expense. Return the “Worksheet” to the Office of Sponsored Programs by the deadline indicated on the bottom.

 

C. Two Accounting Periods after the Project End Date

Unallowable charges (including cost overruns) remaining on the completed project will be transferred in lump sum first to the departmental current allocated cost center (45x), then to the departmental current General Fund operating cost center (15X). The Office of Sponsored Programs will prepare the journal voucher to accomplish this.

The Office of Sponsored Programs will submit to the sponsor any required final financial reports or billings.

The Office of Sponsored Programs will request that the WBS element be closed, thus allowing for no further transactions.

 

III. PROCEDURE FOR CLOSING PROJECTS WITHOUT ESTABLISHED END DATES

If a department wants to close a sponsored project, that does not have an end date, the department must notify, in writing, the Office of Sponsored Programs. The Office of Sponsored Programs will request that the WBS element be closed, thus allowing for no further transactions, when the fund balance has been brought to zero, and no activity has occurred for at least one month.

 

GAP History
Issued: September 1994
Revised: October 2001
Revised: July 2002
Revised: February 2003
Revised: July 2006