The last step in a grant or contract’s life cycle–whether cost-reimbursable or fixed-price–is project closeout. The key feature to any close is the submission of all technical, financial, and other reports as required to the sponsoring agency on time.
The principal investigator (PI) will be notified through a MAESTRO notification prior to the termination date of the project. The project administrator will communicate with the PI to determine if a no-cost extension will be requested or if an extension with additional funds is pending.
Your project administrator will start the closeout process, which may include assistance from a budget specialist to end project payroll, clear open encumbrances, accounts receivable, purchasing, property, and compliance (if there are subawards or cost sharing).
Please be aware that many sponsors will not make final payments on awards until they have received the final technical report. So, make sure to review your award document carefully and issue your final technical report after you have completed the project.
Final Technical Report
The PI on a sponsored research project is responsible for timely submission of the final technical reports. Specific sponsor requirements for the technical reports are usually defined in the award package. When the report is completed, the PI may submit it directly to the sponsoring agency whether it is an electronic submission or paper, and upload copy to Maestro deliverables tab.
The obligations of the award have not been met until the report has been submitted to the sponsor.
Final Financial Report
- The final fiscal report is generally due within 60-90 days after the expiration date of the award.
- This final fiscal report is prepared and submitted by the Project Administrator
- The PI needs to coordinate with departmental administrator to ensure that all costs have been properly reported and posted to the grant account by end date of project.
Photo Courtesy of Mikhail Nilov