EFM is pleased to share that the Federal Fund Closeout Procedure issued in May 2015 has improved on-time submission of final financial deliverables for sponsored projects to federal agencies. As a part of an on-going effort to standardize and strengthen the financial reporting process, EFM has enhanced the Federal Fund Closeout Procedure to be applicable to all sponsored project funds.
The enhanced closeout procedure will ensure compliance with timely financial reporting requirements and the recovery of allowable and allocable costs incurred for sponsored projects. The new procedure is planned to go into effect January 1, 2017. A draft of the procedure is now available on the EFM website. Please note this document is being shared to inform the campus research community about the upcoming changes and to solicit feedback before the procedure is finalized.
Questions and comments are welcomed through November 30, 2016 and may be sent to: EFMOperations@research.ucla.edu.
I look forward to receiving and considering your input.
Director of Extramural Fund Management