Award Close Out
Award close out is the final reconciliation and reporting of project expenses and activities. Sponsor terms and conditions may require deliverables such as a final report or closeout form at the end of a project for GCU to receive final payment.
All sponsored projects are subject to Federal, University, and sponso guidelines concerning the closing of active projects. The University follows 2 CFR §200.343-345 as the standard for closing awards. It includes, but is not limited to:
All projects must have liquidated encumbrances, accurate expenses, and accurate payroll in GCU’s General Ledger, all reports and documentation must be completed and accepted by the sponsor.
Final Reports
Technical Reports
The PD/PI is responsible for completing technical reports using the sponsor’s template and submitting them via the appropriate portal within the specified timeframe. Delays in submitting the final technical report may result in delayed final payments. The final report must be reviewed and approved by the Grants Office before submission.
Financial Reports
The Grants Accountant prepares all final financial reports and invoices, which are either submitted by the Grants Office or by the Grants Accountant with their approval. The PD/PI should collaborate with the Grants Accountant to resolve any financial discrepancies before final submission.
Auditing
In compliance with 2 CFR Subpart 5 – Audit Requirements, GCU undergoes an annual audit of all financial records, including sponsored projects. The General Ledger is the official record, and all supporting documentation must be retained during the applicable retention period. The Office of Research and Grants and University Finance manage sponsored project audits and should be contacted for any audit-related inquiries.
Record Retention
Sponsors vary regarding the length of time the recipient, the university, is required to maintain records. Sponsor terms may differ from program to program. GCU requirements regarding records retention must also be considered; these requirements vary according to program and circumstance. According to GCU’s Document Retention Policy, the university is required to retain official contracts and agreements permanently. General Records are to be maintained for three years. Any records that are subject to a specific retention period greater than three years pursuant to a state, federal, or other requirement shall be retained in accordance with applicable requirement or law. If an audit is initiated within this three-year period, records must be maintained until all audit issues are resolved.
Official records can include program records housed with the PI/PD, fiscal records and documentation housed with the Accounting Office, and the official application and award file housed in the Grants Office. All reports are the property of the university. PIs/PDs must notify the Grants Office before any program records or files are destroyed or moved from campus.