Closing an Award or Project

Purpose

This document describes when an award and/or project should be closed, the conditions that must be met, and the process to do so.

Responsibilities

When an Award and/or Project Should be Closed

An award should be closed on a timely basis after the end date of the award is reached and all the deliverables are met.

A project should be closed when the award is closed and all the deliverables are met. A project does not need to be closed if its funding is continuing through a renewal award or because the end date of the existing award is extended.

Award and/or project deliverables include those items that were agreed to as a condition of receiving funding, including but not limited to progress and technical reports. If all financial conditions were met but other deliverables are still outstanding, you should change the award status to “On Hold” until all deliverables are met and the award can be closed.

All campus locations must make sure that their award and/or project meets all the criteria for closing before closing an award or project.

Note: You may change the status of an award to “Closed” at any time. You do not have to wait until the end date to close an award, but there are certain conditions that must be met.

Criteria to Close an Award and/or Project

The following conditions must be met before you close an award or project:

Preliminary Steps and Approval

You should follow the steps in the below table to determine that the above conditions were met so that you can close the award and/or project.

Step

Action

1

Print a current RF Account Summary Inquiry (RFASI) or RF Project Summary Inquiry (RFPSI).

Request appropriate approvals to close award.

Note: Centralized campus locations should submit a signed final printout of the RFASI to the OSPS in central office. Decentralized campus locations should follow campus policies.

2

View the award's cash position to verify that cash equals expenditures (within a $0.50 margin).

If the difference is...

Then...

less than $0.50

Central office will make an adjustment and write-off the difference.

$0.50 or greater

Campus must make an adjustment

3

Verify that total expenditures in the RFASI/RFPSI equal total actuals in the Expenditure Inquiry. If not, determine which items in Expenditure Inquiry are in a funds check failure status and resolve.

4

Verify that there are no salary charges in payroll suspense, that there are no payments due to terminated employees (except for vacation pay) and that there are no check reversals or voided payroll checks that have to be processed.

5

Verify that there are no open purchase orders.

6

Verify that there are no unapproved or on hold AP invoices.

7

Verify that the total amount of AR invoices equals the final expenditure total. If not, regenerate the last invoice through the current date and submit a "Final Invoice" to the sponsor.

Important! Before you regenerate the last invoice remove the check from the "Invoice Hard Limit" box on the award to ensure all expenditures are captured on the invoice. While awaiting the receipt of cash, the award status should be changed to "On Hold."

8

Verify that there are no open AR invoices.

9

Make sure you received the appropriate internal approvals. Centralized campus locations should submit a signed final printout of the RFASI/RFPSI to the OSPS in central office. Decentralized campus locations should follow campus policies.

Closing the Award and/or Project in the RF’s Business Applications

For awards, you should change the status to “Closed” on the Award Management form. For more information, refer to the Close an Award process help.

For projects, you should click Change Status on the Project, Templates form and change the status to “Closed.” For more information, refer to the Close a Project process help.

The Closing Edit Process and Error Messages

The RF’s business applications verify that certain conditions are met (the closing edit process) before allowing you to close an award and/or project. If the conditions are met, you will be able to change the status to “Closed.”

Notes:

The Warning Edit Process and Error Messages (Not Applicable to Projects)

Once the closing edit process is complete, the RF’s business applications review the Reports region to verify the following condition:

Condition

Error Message

Date Filed field must be completed on existing reports.

You have reports without Filed Dates.

Note: Despite the error message, it is not required that you complete the Date Filed field to change the award status to “Closed.”

Transaction Processing and Closed Awards

Once you change an award status to “Closed,” you can’t perform the following transactions:

Award Closure Date

When you change an award status to “Closed,” the RF’s business applications automatically populate the Closure Date field on the Award Management form’s descriptive flexfield form to the date that the status was changed.

If an award’s status was changed to “Closed” prior to Jan. 20, 2003 and the Closure Date field was not completed, than the date used for record retention purposes is Jan. 20, 2003. This is in accordance with the Record Retention for Project Administration Records document.

 

 

Feedback
Was this document clear and easy to follow? Please send your feedback to webfeedback@rfsuny.org.

Copyright © 2011 The Research Foundation of State University of New York