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3.18 Closeout

Closeout of Discretionary/Categorical and Block/Formula Awards

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Cash Reconciliation and Final Draw Down
Recipient Closeout Requirements

Cash Reconciliation and Final Draw Down

As the award recipient, you should conduct a financial reconciliation of your accounting records to the Federal Financial Report (FFR) at closeout.

  • Any match must be reported on the final FFR (SF-425).
  • Obligations incurred prior to the project period end date must be liquidated no more than 90 days after the project period end date.
  • Recipients must request final reimbursement (draw down) of Federal expenditures made within the approved project period in conjunction with the final SF-425.

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Recipient Closeout Requirements

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

  • Final 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 you have obligated all of your funds 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 your final FFR to your internal accounting records. All entriesin 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.
  • The final progress report should be prepared in accordance with instructions provided by the awarding agency’s program office.
  • All inventions that were conceived or first actually reduced to practice during the course of work under the award project must be listed on an invention report before closeout.

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Submit your final SF-425, final progress report, and an invention report (if applicable) well in advance of the end of the 90-day period. Once an administrative closeout begins, you will be unable to draw any additional funds on the award.

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