1015 - Grant Closeout Policy

The University shall follow the close out procedures described in 2 CFR Part §200.343, and in the grant agreements as specified by the Federal awarding agency or pass-through entity:

1. In the case of a prime recipient relationship, the University will submit, no later than 120 calendar days after the end date of the period of performance, all financial, performance, and other reports as required by or the terms and conditions of the Federal award, unless an extension is requested and justified by the University, and approved by the Federal awarding agency.
2. In the case of a subrecipient relationship, the University will submit, no later than 90 calendar days (or an earlier date as agreed upon by the pass-through entity and subrecipient) after the end date of the period of performance, all financial, performance, and other reports as required by the terms and conditions of the Federal award, unless an extension is requested and justified by the University and approved by the pass-through entity
3. Unless the Federal awarding agency or pass-through entity authorizes an extension, the University will liquidate all financial obligations incurred under the Federal award not later than 120 calendar days after the end date of the period of performance as specified in the terms and conditions of the Federal award.
4. The University will promptly refund any balances of unobligated cash that the Federal awarding agency or pass-through entity paid in advance or paid and that is not authorized to be retained by the University for use in other projects.
5. Consistent with the terms and conditions of the Federal award, the Federal awarding agency or pass-through entity must make a settlement with the University for any upward or downward adjustments to the Federal share of costs after closeout reports are received.
6. The University will account for any real and personal property acquired with Federal funds or received from the Federal government.