Award Closeout

The award closeout process includes the following phases:

• Pre-Closeout Review & Expiration Notification
• Award Closeout Certification (ART Submission)
  • Award Reconciliation Tool (ART) Submission Timeline
  • No-Cost Extension Confirmation
• Adjustment Period (Post-Expiration)
  • Closeout Checklist
  • Cost Sharing Reporting
• Final Financial Reporting & Submission
  • Closeout Exemption Requests
• Overrun / Deficit Resolution & Award Cleanup
• Award Closure & Account Inactivation

The award closeout process includes the following phases:

• Pre-Closeout Review & Expiration Notification
• Award Closeout Certification (ART Submission)
  • ART Submission Timeline
  • No-Cost Extension Confirmation
• Adjustment Period (Post-Expiration)
  • Closeout Checklist
  • Cost Sharing Reporting
• Final Financial Reporting & Submission
  • Closeout Exemption Requests
• Overrun / Deficit Resolution & Award Cleanup
• Award Closure & Account Inactivation

Pre-Closeout Review & Expiration Notice

Prior to the award end date, departments work in collaboration with their RAS Unit to:

• Review of all expenditures
• Complete reconciliations
• Process journal entries and payroll adjustments
• Ensure all allowable costs are recorded in the General Ledger (GL)

Only transactions posted in Emory’s financial system of record may be included in the Final Financial Report.

Automated Expiration Notifications

RGC utilizes an automated notification system that sends reminders to:

• Principal Investigators (PIs)
• RAS Units
• RGC Award Closeout Team

Notifications are issued at:

• 90 days prior, 60 days prior, 30 days prior, and 0 days (expiration date)

These notifications prompt departments to complete reconciliations and prepare for submission of the ART.

Financial Review Tools

RGC leverages institutional reporting tools (EBI and Compass) to monitor compliance and spending, including:

• PI Financial Portal
• Budget to Actual Report
• Encumbrance Transaction Detail
• Revenue & Transaction Detail
• Effort Status Report
• Labor Transaction Detail
• Financial Status Report (FSR)
• Sponsored Research Financial Summary

All direct and indirect costs must be complete, accurate, and allowable in accordance with sponsor’s requirements.

At the conclusion of the award, the PI and Department must certify that:

• All direct and indirect costs are properly recorded
• Subrecipient costs are finalized
• Cost sharing is fully documented
• Program income (if applicable) is recorded
• All adjustments are posted to the GL prior to the end of the adjustment period

This certification is completed through submission of the Award Reconciliation Tool (ART) by the RAS Unit.

Purpose of the ART

The ART is the standardized reconciliation tool used to:

• Provide a full financial summary of the award
• Reconcile transactions by project and activity
• Review of F&A calculations
• Identify deficits or balances
• Confirm readiness for final reporting

The ART must be signed by the PI and submitted to RGC to officially initiate institutional closeout procedures.

The Adjustment Period allows time after the award expiration date to:

• Post final accounts payable transactions
• Process payroll and retroactive salary transfers
• Complete final cost transfers
• Record all allowable expenses in the GL

Only actual, posted GL transactions can be included in the Final Financial Report.

During closeout, the RGC Award Closeout (ACO) unit will:

• Review GL transactions for allowability and accuracy
• Verify final FFR, FSR, and/or invoice milestone completion
• Confirm required contractor releases (e.g., federal contracts, DOD awards)
• Validate F&A calculations
• Review subaward balances
• Confirm all invoices have been submitted
• Verify revenue recognition
• Confirm final financial documents are stored in OnBase
• Confirm cash receipt and payment application
• Reconcile ART to the GL

During the Adjustment Period, RGC ensures:

• Overruns and unallowable costs are identified and cleared
• Balance sheet items are resolved
• Encumbrances are zeroed out
• Budget aligns with reported expenses
• No open billable lines remain
• No open billable transactions exist prior to closure

Awards cannot be closed with outstanding billable activity.

RGC ACO will ensure the following are completed during the Adjustment Period:

• Notify the RAS of any unallowable expenses, overdrafts/overruns, and expenses to be cleared during the adjustment period.
• In addition to notifying the appropriate office of any balance sheet items posted on the Award such as other assets and other liabilities to be resolved prior to closing the Award.

• Assets and Liabilities account balances are cleared (does not apply to AR, Deferred Revenue, and Claim on Cash)
• Encumbrances should all be zeroed out.
• Budget should be reduced to reported expense.
• Ensure no BIL lines remain. 0.00 BIL must be run through billing for cost reimbursable Awards.
• The award cannot be closed with o billable transactions.

Departments must submit the final ART reconciliation and supporting documentation via:

• Salesforce ticket submission
• Compass Grant Form

If RGC does not receive closeout certification or confirmation of a no-cost extension request by the sponsor deadline, RGC will:

• Prepare and submit the final financial report/invoice based on GL activity
• Close the award to meet sponsor requirements
• Escalate as necessary per institutional standard operating procedure

Following reconciliation and certification, RGC:

• Reviews transactions for compliance
• Prepares and submits the Final Financial Report and/or Final Invoice
• Includes cost sharing reporting, if required
• Submits within sponsor-required deadlines (typically 90–120 days post-expiration)

Upon completion, RGC will:

• Review refunds due to sponsor
• Process residual balance transfers (if applicable)
• Notify RAS of submission
• Update Emory’ Financial System to reflect final reporting status

Expenditures exceeding the sponsor-authorized amount must be transferred to an appropriate non-sponsored funding source in accordance with Emory Policy 7.27 – Sponsored Award Overrun and Unallowable Cost.

If unresolved by the department, RGC will transfer the deficit to the award’s designated primary discretionary account to absorb the deficit.

Requests to revise previously submitted Final Financial Reports will follow institutional and sponsor policy.

When all requirements are satisfied, RGC will:

• Complete final verification in Compass
• Close the Award record
• Generate system notification to RAS

System closure updates:

• Award Status
• Contract Status
• Project Status
• Project Activity Status
• SpeedType Inactivation

These updates prevent additional charges from posting to the award.