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UARSC Office of Sponsored Projects
Principal Investigator/Project Director Manual
Chapter 10: How do I close my project?
You will receive notification from UARSC OSP 90 days before the termination date of the award as a reminder that all charges should be incurred before the end of the budget period. Allowability of costs is based on the purchase order or invoice date. If an invoice date falls after an award's termination date, and no encumbrance was made (purchase authorized) prior to the termination date, the expense may not be allowable.
Once the termination date has passed, the USARC Director of Accounting and Business Operations will, in conjunction with the PI/PD and the USARC OSP, review the status of the project to determine any action needed to close. In most cases, positive balances must be returned to the sponsor. Any expenditure over the budget amount awarded, must be eliminated by the PI/PD by identifying an alternative source of funds. USARC will prepare and file a final financial report within the deadline set by the sponsor, usually 90 days after termination.
The permanent file for each project is retained by USARC and contains all official proposals, negotiated agreements, award notices, financial records and reports, correspondence, special documentation such as USARC, University and sponsor approvals, and cost-sharing documentation. To comply with federal regulations, this documentation and documentation/data generated by the PI/PD must be retained for a minimum of three years and sometimes longer after a project closes in case the project is selected for audit. All records are subject to review by outside auditors as well as by the sponsoring agency. Questions pertaining to any aspect of records retention should be addressed to the USARC OSP.