Finishing a grant project is just as important as starting one. In many cases, the way in which closeout procedures are handled, such as timely submission of final reports and the quality of those reports, can have a direct affect on the possibility for future funding.
There are five areas of management that need particular attention at the close of a funded project:
The budget needs include reconciling grant accounts with college financial figures and notifying the proper personnel that charges can be made against the grant.
For personnel, termination paperwork must be completed for all staff and, if required payroll changes for staff members who are moving within the system.
For purchasing activities, purchased equipment should be matched with requisitions and receipt of items should be checked.
All active grant files need review for grant documents, personnel records, purchase orders and requisitions, and budget including necessary documentation for changes. Remember, the auditors will be reviewing these files.
Formal reports to the funding source are generally due forty-five to ninety days after the close of a federal grant. State reporting requirements will vary.
Finally, arrange for appropriate storage of grant files and documents if the project is not a continuing one.