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Business and Financial Policies and Procedures

Sponsored Projects Closeout

Policy Statement

The University of Illinois System has a responsibility to close out completed sponsored projects in compliance with federal regulations, sponsor policy, and award terms and conditions. Office of Management and Budget (OMB) Uniform Guidance (2 CFR 200.344 Closeout) requires that final financial, performance, and other reports be submitted no later than 120 calendar days after the project end date. It is the system's policy that all required closeout deliverables be submitted to the sponsor within this stated timeframe. In the event that sponsor policy or specific award terms and conditions prescribe otherwise, such policy or terms and conditions shall prevail.

Reason for the Policy

This policy alerts the university to the urgency of timely submission of final deliverables and the prompt closeout of expired sponsored projects. Non-compliance with sponsored project closeout requirements has adverse consequences for the system including, but not limited to, forfeiture of final payment, delayed or reduced future funding, less favorable award terms and conditions, and audit finding risks. The submission of final financial, performance, and other reports to the sponsor and the closeout of completed projects within 120 days of expiration help the system mitigate risks and negative consequences.

Applicability of the Policy

In order to maintain consistency in the treatment of sponsored projects, the policy on sponsored project closeout applies to all awards regardless of the funding source. Requirements and considerations for closing out fixed price agreements are subject to the Fixed Price Agreement policy: Chicago - Section 16.5.1 - Chicago Disposition of Unexpended Balance on Fixed Price Agreements; Urbana - Section 16.1.5 - Sponsored Projects Administration (see Special Provisions for Closing Fixed Price Contracts section).

Related Policies and Procedures

Close a Sponsored Project
Section 16.1.5 - Sponsored Projects Administration
Section 16.5.1 - Chicago Disposition of Unexpended Balance on Fixed Price Agreements

Additional Resources

Campus Central Office Responsibilities
Closeout Documents and Responsibilities
Frequently Asked Questions
2 CFR 200.344 Closeout

Last Updated: March 15, 2021 | Approved: Senior Associate Vice President for Business and Finance | Effective: March 15, 2021

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