Extramural Fund Management (EFM) is pleased to announce the updated procedure for Financial Closeout of Sponsored Projects is available on the EFM website.
As shared at the Research Administration Forums in January and February 2020, updates to the procedure are necessary to improve the timely submission of financial deliverables to the sponsor, to ensure full recovery of costs incurred for sponsored projects, and to be in compliance with Sponsor’s and University’s policies and guidelines.
Effective January 9, 2020, key changes in the enhanced procedure for Financial Closeout of Sponsored Projects include:
- For annual closeouts, a request to include expenses not recorded to the general ledger will be reviewed only for subaward expenses with supporting documentation.
- If a closeout packet is not submitted to EFM by the due date, award administering units will have 3 business days to respond to EFM’s analysis of final expenditures.
- If the final financial deliverable is requested for a revision, dollar thresholds and a due date will apply.
It is essential that the University properly records, reconciles and report costs in a timely and accurate manner in accordance with University Policy 910: Management of Sponsored Projects. Costs that are not recorded timely or properly will be at risk for non-reimbursement by sponsors.
More information about these updates can be found on the Research Administrator Forum website . If you have questions, please contact me or your EFM accountant.