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3.18 Closeout

Closeout of Awards

Cash Reconciliation and Final Draw Down

Award recipients must conduct a financial reconciliation of their accounting records to the final Federal Financial Report (FFR/SF-425) at closeout. Recipient must:

  • Report any required match on the final FFR.
  • Liquidate obligations incurred prior to the project period end date no more than 90 days after the project period end date.
  • Request final reimbursement (draw down) of Federal expenditures made within the approved project period in conjunction with the final SF-425. This request must be submitted prior to the end of the liquidation period (90 days after the end date of the project). Failure to request final payment by this date will cause delays and result in additional administrative paperwork. 

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Recipient Closeout Requirements

Within 90 days of the end date of the award (or any approved extension), the recipient must submit the following to the awarding agency:

  • Final Federal Financial Report (FFR) (submitted on SF-425)
    • This FINAL report of expenditures must have no unliquidated obligations.
    • Any unobligated or unexpended funds will be de-obligated from the award amount. Make sure that all of the funds have been obligated prior to the award end date.
    • Match requirements must be met by the end of the award period and included in the report.
    • Recipients who have drawn down funds in excess of their Federal expenditures must return unused funds to the awarding agency when they submit the final report.
    • Be sure to reconcile the final FFR against the internal accounting records. All entries in the accounting system must be supported by adequate source documentation (for example, original invoices and contracts).
    • Report all allowable costs incurred, both at the recipient and subrecipient level.
  • Final progress report must be prepared in accordance with instructions provided by the awarding agency’s program office.
  • Special condition(s) must have been met and removed via Grant Adjustment Notice.
  • Inventions that were conceived or first introduced to practice during the course of work under the award project must be listed on an invention report before closeout.
  • Real or personal property reports must be submitted in accordance with the terms of the award.

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Submit the final SF-425, final progress report, and invention or equipment reports (if applicable) well in advance of the end of the 90-day period. After the liquidation period, recipients are unable to draw down any additional funds on the award.

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