Managing Public Grants

Upon completion of your project, you must submit all required financial, performance, and equipment reports to your grants management officer within ninety calendar days of completion of the award. Prior to the end of the project period, you may request an extension of that time period from the Federal funding agency if needed.

However, unless an extension is authorized, you must liquidate all obligations incurred under the award within ninety calendar days of the budget period or the date of completion. You must also promptly refund any balances of unobligated cash that the Federal awarding agency has advanced or paid and that is not authorized to be retained by the recipient for use in other projects. OMB Circular A-129 governs unreturned amounts that become delinquent debts. Upon award completion and closeout, equipment records must be maintained, but report only equipment valued at over $5,000.

The Federal awarding agency will make prompt payments for allowable reimbursable costs under the award being closed out. When authorized by the terms and conditions of the award, the Federal awarding agency will make any upward or downward adjustments to the Federal share of costs after closeout reports are received. In the event that a final audit has not been performed prior to the closeout of an award, the Federal awarding agency will retain the right to recover an appropriate amount of funds after fully considering the recommendations on disallowed costs resulting from the final audit.

The closeout of an award does not affect any of the following:

• The right of the Federal awarding agency to disallow costs and recover funds on the basis of a later audit or other review.
• The obligation of the recipient to return any funds due as a result of later refunds, corrections, or other transactions.
• Audit requirements.
• Property management requirements in 2 CFR 215.31-37.
• Records retention as required in 2 CFR 215.53.