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Closeout and Financial Reconciliation of Sponsored Projects

The Final Financial Reconciliation Report workshop focuses on the myths surrounding the closeout process that are believed by a majority of departments campus wide. We will explain why these myths are untrue and provide an understanding as to the proper way to handle problems if they arise. Followed by the roles and responsibilities of the Office of Contracts and Grants along with the steps that need to be completed by the Department and College when completing the Final Reconciliation Report. The comparison of the two roles within the University Campus helps demonstrate the proper process of closing out a project. The timeline example will show evidence of how long the college and department actually have to complete the closeout and return it to Contracts and Grants. We will review how to complete the actual closeout and a review of the proper way to list reconciling items. Finally, we will review the cost sharing report that will accompany the closeout when returned to Contracts and Grants.