Financial Management & Project Closeout

Financial Management & Project/ Award Closeout

Financial Management and Project/ Award Closeout have shared responsibilities between the Principal Investigator (PI), unit administrators, and OSP as detaield in the Financial Management Responsibility Matrix. Award expenditures should be monitored for allowability, allocability, and benefit to the project and accounts should be reconciled on a monthly basis to aid in efficient and timely closeout at project end.

Financial management involves monitoring project expenditures and cost share obligations. Accounts should be reviewed and reconciled monthly for spend rate and to prevent over-expenditures.

OSP is responsible for, invoicing, drawdown of funds, approval of cost-transfers, and financial reporting. If financial information is needed for a technical report, please contact OSP post-award for verified financial data.

  • Requests for sponsor-approved carryforward or re-budgeting requests should be submitted to the relevant OSP S/RA including adequate justification and any required sponsor forms.
  • Requests for cost transfers involving personnel costs (PPDAs) should be sent to OSP post-award for review and approval.

Award closeout is the final reconciliation and reporting of project expenses and activities. Sponsor terms and conditions may require deliverables such as a final report or closeout form at the end of a project in order for CSU to receive final payment.

Closeout activities include reviewing project expenditures, resolving open commitments, collecting subrecipient documents, preparing final reports for submission to the sponsor, and account/award close in KFS. Refer to the Project Closeout Responsibility Matrix. 

To facilitate a timely closeout, OSP recommends reviewing project details at 90, 60, and 30 days prior to the project end date. If a no-cost extension is needed, contact the relevant OSP S/RA to begin the process. Use the Award Closeout Checklist to aid you.

Items for review prior to closeout:

  • All expenditures have posted (incl. charges from recharge centers, purchasing cards, travel cards, tuition, labor, etc.).
  • All unallowable charges have been removed.
  • Staff have been terminated or moved to another funding source.
  • Outstanding encumbrances have been liquidated.
  • Accounts are not over-spent and deficit balances have been cleared.
  • Cost share obligations have been met.
  • Final invoice from subrecipients have been received.
  • Final payment has been received.
  • Final expenditures reported to the sponsor match the total expenditures in KFS.
  • If a fixed-price award, a residual funds sweep request has been sent to OSP. Refer to the Quick Clip video on the Sweep Process.
  • Project deliverables have been met (incl. subrecipient deliverables).
  • Final technical/scientific reports have been submitted with a copy provided to OSP.
  • Required invention, patent, and property reports have been submitted through the CSU Ventures Technology Transfer Office (TTO).