The Batten School & VIMS campus will be closed on Monday, March 15 due to the National Weather Service prediction for severe weather including periods of rain, damaging winds and the potential for tornadoes.

 

Skip to main content

Award Close-out

PPD-0212

PPD Number: 0212
Title: Award Close-out
Responsible Office: Finance & Sponsored Programs
Effective Date: 08/01/2025
Last Updated: First Version

I. Scope

This policy and procedure document (PPD) applies to William & Mary’s Batten School of Coastal & Marine Sciences (Batten School) & Virginia Institute of Marine Science (VIMS). It applies to [all members of the Batten School & VIMS community, including faculty, staff, and students. It applies to all Batten School & VIMS campuses, including the Eastern Shore Laboratory (ESL) and the Kauffman Aquaculture Center (KAC).

II. Purpose & Policy Statement

This policy outlines the process and responsibilities for the timely and compliant close-out of sponsored awards at VIMS, in accordance with Uniform Guidance 2 CFR §200.344. Close-out ensures that all financial, administrative, and programmatic obligations are completed and documented timeframes and Batten/VIMS will ensure completion within 120 calendar days of the end of the period of performance for federal awards including grants, cooperative agreements, and contracts where Batten/VIMS is either the prime recipient or a subrecipient.

III. Responsibilities

Principal Investigator (PI):

  • Ensure all project work is completed.
  • Submit all final technical/programmatic reports to the sponsor or OSP.
  • Review and approve all final expenditures; confirm all expenditures are allowable, allocable, and reasonable.
  • Notify OSP of any unspent balances, obligations, or issues needing resolution.
Financial Officer:
  • Assist PI with reconciliation of accounts.
Office of Sponsored Programs (OSP):
  • Coordinate financial and administrative close-out.
  • Submit final financial reports, invoices, and certifications.
  • De-obligate any unspent balances (if applicable).
  • Retain all close-out documentation per federal and institutional records retention policies.

IV. Close-out Requirements

VIMS will ensure that the following close-out reports are submitted within 120 days (or per sponsor requirements):

  1. Final Technical Report: Submitted by the PI.
  2. Final Financial Report (FFR): Submitted by OSP.
  3. Final Invention Statement (if applicable): Submitted by PI or OSP.
  4. Final Property Report (if applicable): Submitted by OSP.
  5. Subrecipient Close-out Documents (if applicable): Collected and reviewed by OSP and PI.

V. Procedure and Compliance

Notification and Planning:

  • OSP will notify the PI and department 90 days before the award end date to begin planning for close-out.
  • PI and department begin reconciliation and reporting tasks.
Expense Reconciliation and Adjustments
  • All costs must be posted and adjustments made within 90 days of the end date.
  • Final invoices must be submitted in time to meet the 120-day federal deadline.
Final Reports Submission
  • OSP coordinates and submits financial and administrative reports.
  • PI is responsible for timely submission of programmatic reports to the sponsor or OSP.
Record Retention
  • All close-out documentation will be retained for at least 5 years from the final submission date, unless sponsor policies require longer.

Noncompliance and Enforcement

  • Failure to complete close-out within required timelines may result in:
    • Withholding of future funding by federal agencies.
    • Delays in account close-out.
    • Institutional risk and reputational impact.
  • Departments and PIs will be held accountable for timely action.
Related Regulations and References
  • Uniform Guidance 2 CFR §200.344 – Close-out
  • OSP Policies and Procedures Manual
  • Sponsor-specific close-out guidelines (e.g., NIH, NSF, NOAA)