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Closing Out the Award

Reporting, Reconciliation, and External Grant Closeout 

The Post-Award team at Kean University is responsible for ensuring timely and accurate financial reporting, reconciliation, and closeout of externally funded awards. This includes monthly, quarterly, annual, and final financial reporting to sponsors, in accordance with federal, state, and private funding requirements. 

In collaboration with Principal Investigators (PIs), college and administrators, and the Post-Award team ensures compliance with sponsor guidelines and internal University policies. 

 

Core Responsibilities

External Financial Reporting Includes: 

  • Preparing and submitting monthly, quarterly, annual, and final financial reports to funding agencies, based on award terms and conditions. 

  • Completing Uniform Guidance (UG) reviews for federally sponsored projects, ensuring restricted expenditures are allowable and aligned with approved budgets. 

  • Reviewing and validating expenditures incurred after the project end date, assessing whether they should be included in final reports or reallocated. 

  • Conducting cost-share reviews to confirm departmental or University contributions are properly documented and reported. 

  • Adjusting encumbrances or open commitments that relate to the project but are not yet posted in the University’s financial system at the time of reporting. 

  • Following up with departments, ORSP, and sponsors regarding the status of pending extensions, amendments, or carryforward requests. 

Note: The Principal Investigator (PI) is responsible for the submission of technical reports and deliverables to the sponsor, unless otherwise specified in the award. 

No-Cost Extensions

  • If project completion by the original end date is not feasible: 

  • PI must notify ORSP as soon as possible. 

  • A no-cost extension may be possible, but: 

  • It cannot be requested solely due to unspent funds. 

  • ORSP will assist the PI in requesting sponsor approval. 

  • Extensions must be requested well before the termination date. 

  • Late requests (after the end date) are rarely approved. 

Final Project Report

  • PI is responsible for submitting a final project report to the sponsor. 

  • Must follow the required format and content. 

  • NSF-specific requirement: 

  • A “Public Outcomes Report” (200–800 words) must be submitted to research.gov within 90 days of award expiration. 

  • Should describe the project’s nature and outcomes, including intellectual merit and broader impacts. 

  • All final reports must be submitted on time: 

  • Late reports risk non-compliance and may jeopardize future funding. 

  • A copy of the final report must also be sent to ORSP for the award folder. 

Closing the Grant Cost Center

  • PI must work closely with ORSP during final stages to: 

  • Ensure funds are available in the correct budget categories for remaining activities. 

  • If needed, budget transfer requests must follow official procedures: 

  • Expenses incurred after the grant end date are not allowed. 

  • Any unspent funds at the end date are typically returned to the sponsor. 

  • The final financial report must be: 

  • Reviewed and approved by Grants Accounting before submission to the sponsor. 

Records Retention

The State of New Jersey Bureau of Records Management places all public records on Records Retention Schedules that list the minimum legal and fiscal time periods they must be retained by state and local governmental and educational agencies. Generally, all State, Federal, and Private grant files (including but not limited to grant award, correspondence, payments, reports, and other supporting documentation) must be retained for 7 years after termination of the grant.