Upon termination of the project, the ORSP Project Accountant will review the award and work with the Department Administrator to determine the final figure that will be reported to the sponsor on the financial report or final invoice. As part of the close out process, the Department Administrator needs to do the following (if necessary):
- Notify internal departments and payroll of FOAP changes for recurring costs such as printing, telephone, postage, and salary/fringe.
- Promptly transfer all erroneous charges, clearing deficits
For most federal awards, final financial reports must be submitted within 90 days from the award end date, and within 60 days for the final invoices. Non-federal deadlines may vary by sponsor. To meet the sponsor deadlines, there needs to be clear and timely communication between Department Administrations and ORSP. ORSP will submit the final financial report/invoice to the sponsor upon agreement with the Department once the final figure is reported.