What happens during closeout of a sponsored account?
Certain procedures must be followed when a sponsored project is ending to ensure that the University meets closeout requirements imposed by sponsoring agencies. OMB Circular A-110 states, “Recipients shall submit, within 90 calendar days after the date of completion of the award, all financial, performance, and other reports as required by the terms and conditions of the award (Ref: A-110 D.71.(a)). Closeout requirements for each award should be reviewed thoroughly, as some sponsors require shorter closeout periods of 30, 45, 60 days, etc.
