OHSU

Closing Accounts

Purpose

Specific tasks must be completed prior to the end of the budget period to complete account closeout. The PI and GCO will receive via email the Project End Date Memo SPA 90 Days before the end of a budget period (project year). SPA has listed OGA Account Closeout Departmental Responsibilities to assist the PI and GCO with Closeout of Sponsored Projects.

Procedure

  1. SPA provides the Project End Date Memo approximately 90 Days before the end of a budget period, which includes instructions on closeout requirements for the PI and GCO.
  2. SPA generates the Financial Status Report (FSR) and provides to PI and GCO. The FSR summarizes the expensed items and the unobligated (unspent) funds remaining.
  3. PI and GCO provide SPA with written justifications for all unallowable expenses listed on Unallowable Memo attached to FSR (for Federally funded projects).
  4. Unallowable justifications must serve as stand alone descriptions why an item normally treated as an Indirect Cost should be treated as a Direct Cost on the sponsored project.
  5. PI to determine if a Carryover Request of unspent funds should be made to carry forward unspent funds from the current project year to the next.
  6. PI to determine if a No-Cost Extension should be requested, or if the project is a Incoming Subaward, if a Subaward/Contract Account Continuation Request should be made.
  7. PI to resolve any budget deficits within 60 days after a project end date.
  8. PI and GCO to identify and "finally close" any open purchase orders and resolve any issues on hold.
  9. PI to request final invoices to be provided by Outgoing Subaward institutions.
  10. PI to review Review Employee Labor Distributions and work with GCO to transfer labor to new project or account.
  11. PI to inform  and  of telecom and copy codes that should be terminated.
  12. SPA issues "OGA Project is Closed" email when all closeout tasks have been completed.