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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)