Managing Public Grants
Continuation
Funding | Summary
Grant Closeout17
Upon completion of your project, you must submit all required financial, performance and equipment reports to the Office of Grants Management within 90 calendar days after the date of completion of the award. Prior to the end of the project period, you may request an extension of that time period from the Federal funding agency if needed.
However, unless an extension is authorized, you must liquidate all obligations incurred under the award within 90 calendar days after the budget period or the date of completion. You must also promptly refund any balances of unobligated cash that the Federal awarding agency has advanced or paid and that is not authorized to be retained by the recipient for use in other projects. OMB Circular A-129 governs unreturned amounts that become delinquent debts. Upon award completion and closeout, equipment records must be maintained, but report only equipment valued at over $5,000.
The Federal awarding agency will make prompt payments for allowable reimbursable costs under the award being closed out. When authorized by the terms and conditions of the award, the Federal awarding agency will make any upward or downward adjustments to the Federal share of costs after closeout reports are received. In the event a final audit has not been performed prior to the closeout of an award, the Federal awarding agency will retain the right to recover an appropriate amount of funds after fully considering the recommendations on disallowed costs resulting from the final audit.
Subsequent Adjustments
and Continuing Responsibilities
The closeout of an award does not affect any of the following:
- The right of the Federal awarding agency to disallow costs and recover funds on the basis of a later audit or other review.
- The obligation of the recipient to return any funds due as a result of later refunds, corrections, or other transactions.
- Audit requirements.
- Property management requirements in OMB Circular A-110, Sections .31 through .37.
- Records retention as required in OMB Circular A-110, Section .53.
Collection of Amounts
Due
Any funds paid to your organization determined to be in excess of the amount of the award agreement will constitute a debt to the Federal government. If not paid within a reasonable period after the demand for payment, the Federal awarding agency may reduce the debt by the following measures:
- Making an administrative offset against other requests for reimbursements.
- Withholding advance payments otherwise due to the recipient.
- Taking other action permitted by statute.
Continuation
Funding | Summary