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Policy
Purpose: 

To provide for timely submission of the final financial and final technical/performance reports as required to account for the final activities and expenditures against an award upon the termination of a project. 

Applies to: 

The University of Kansas Medical Center (KUMC), the KU Medical Center Research Institute, Inc., (KUMCRI), and each of their affiliated entities engaged in the conduct or administration of research supported by KUMC and KUMCRI.

Campus: 
Medical Center, Kansas City
Wichita
Salina
Policy Statement: 

Timely submission of the final financial and final technical/performance reports is required to account for the final activities and expenditures against an award upon the termination of a project.

Sponsors require timely reporting at the official conclusion of a project.  Failure to submit a financial report within the specified time frame exposes the KUMC to the risk of remedial actions being imposed. Close out is a shared effort between KUMCRI staff, KUMC Principal Investigators and departmental staff, and sponsoring agencies.  The procedures set forth in this policy offer general guidelines to ensure a successful close out. Specific guidelines may be obtained from your grant administrator, as requirements vary per sponsor.

The proper close out of an award is also important for audit purposes.  Close out of a grant does not automatically cancel any requirements for property accountability, record retention, or financial accountability. Following close out, the grantee remains obligated to return funds due as a result of later refunds, corrections, or other transactions, and the Federal Government may recover amounts based on the results of an audit covering any part of the period of grant support. 

PROCEDURE

I. Non-Clinical Trials

KUMCRI Grant Administrator
- Sixty (60) calendar days before award end date, send out notification to department and Principal Investigator(s);
- Request final invoices from subrecipients and review, then submit for payment processing;
- Submit final invoices to sponsors;
- Clean up encumbrances;
- Remind department to remove personnel from sponsored project;
- Check outstanding charges (i.e. Inter-departmental Billing, Service Centers, etc.);
- Check cost matching requirements and make sure support documentations are in the file;
- Deficit balances on an account must be cleared before the sponsored project can be closed; contact the PI and the department to clear the deficit;
- Surplus balances are usually cost refundable; however, depending on the sponsor, some surplus balances may be transferred into an unrestricted fund;
- Collect and review all applicable reports;
- Submit final Financial Status Report, performance and other required reports to sponsoring agency no later than ninety (90) calendar days after award end date.

Principal Investigator(s)
- Review final expenditures and subrecipient reports;
- Submit final Inventions/Patent Report, if applicable; and
- Submit final Technical/Performance Report.
- If a deficit balance is left on the account, PI/Dept has sixty (60) calendar days after the grant end date to clear the deficit.  If the deficit remains after this time, the Research Institute will transfer the deficit amount to the department R&D account.

Department Responsibilities
Assist Principal Investigator(s) with review of financial reports.  A financial review considers the following:
- Are the expenses allowable, allocable, and reasonable?
- Are cost transfers required? If so, submit a cost transfer request.
- Are expenditures supported with the appropriate documentation?
- Are the expenditures in the correct budget category?
- Have expenditures been treated consistently?
- Are subcontracts complete and paid or the encumbrances closed or moved off the grant?
- Have cost matching requirements been met and recorded in the PeopleSoft Financial System?
- Are deficit balances on the project transferred to department account? The PI/Dept has sixty (60) calendar days before the close of the project to clear deficit accounts.

Federal Awarding Agencies

Performance Reports detailing the accomplishments of the project compared to the objectives and the findings, or both. The PI should also give reasons why the goals of the project were not met, if applicable.


Financial Status Report and, if applicable, Report of Federal Cash Transactions.  Federal awarding agencies may request additional information.

Per 2 CFR 200.343, all financial, performance, and other reports as required by the terms and conditions of the Federal award, are due no later than ninety (90) calendar days after the end date of the period of performance. 

Non-Federal Awarding Agencies

Contact your Post Award Administrator for sponsor guidelines indicated in the award.

II. Clinical Trials

Closing Clinical Studies
- To close a study with the Institutional Review Board:
- Complete a  Continuing Review http://www.kumc.edu/compliance/human-research-protection-program/institutional-review-board/how-to-submit-to-the-irb/continuing-review.html
- Checkmark termination (at end of Section II),
- Obtain PI’s signature, and
- Submit original to your Clinical Trials Regulatory Specialist

Financial Reconciliation of Clinical Studies
- Fill out Reconciliation form  www.kumc.edu/Documents/ri/spa/reconciliation_memo.doc , and
- Submit to Clinical Studies Reconciliation, SPA_CT@kumc.edu

Consequences: 

Failure to submit timely and accurate final reports may affect future funding to the organization or awards with the same PI.

Contact: 

Vice Chancellor for Research: 913-588-1698
Associate Vice Chancellor for Research Administration: 913-588-5436
Director of Sponsored Programs Administration: 913-588-1261
KUMCRI Chief Financial Officer: 913-588-5313

Approved by: 
Vice Chancellor for Research
Approved on: 
Friday, November 16, 2007
Effective on: 
Friday, November 16, 2007
Review Cycle: 
Annual (As Needed)
Definitions: 

Award: The provision of funds based on an approved application and budget, to an organizational entity or an individual to carry out an activity or project.  This includes both direct and indirect costs (F&A) unless otherwise indicated.

Close Out: A procedure to officially conclude a grant.  Institute staff must assure that necessary scientific, administrative, and financial reports have been received, implemented and documented in compliance with federal records management policy.  

Sponsor: Individual or organization that provides funds to a project.

Keywords: 
Close out, award, end date, financial report
Review, Approval & Change History: 

05/06/2016: Removed Date Last Reviewed.
04/18/2015: Uploaded into Policy Library
06/01/15: Revised
10/31/07: RAC Approved
11/16/07: Effective Date

Research and Sponsored Projects Category: 
Research and Sponsored Projects

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