Valid expenses have 45 days to hit the grant after its end date and be billed to the sponsor. When all invoices have been paid and all necessary final financial reports are filed with the sponsor by the Office of Finance, no later than 90 days or sooner if the contract requires, the award will be considered closed by OPM. No additional notice will be sent by OPM to Finance and the closeout is automatic based on the end date of the award+ 90 days.
OPM will monitor the end dates to make sure the close-out process is commencing after the end date of the grant to make sure all expenses have cleared and been billed for. If encumbrances have not cleared, the grant's department will need to contact the appropriate office – Budget for payroll or Accounts Payable for operational encumbrances - to release them. Any overages are sent to the department so it can complete an IDT to remove those expenses from the grant.
Post-Award then changes the bill plan and revenue plan to "completed" in order to change the contract line to "closed". The project status is also changed to "closed."
OPM indicates on its weekly spreadsheet which grants have been processed through the close out process as reference for the Office of Finance. The information includes:
If the grant is monthly reimbursable, the Office of Finance does not need to move any funds.
If the grant is deferred revenue, OPM will indicate, in compliance with the award, whether the PI can keep any unspent funds or not. By default, federal sponsors require the unspent funds be sent back. Finance will process a check and send it to the sponsor. If the PI can keep the funds, Finance will transfer the unspent funds to the cost center indicated by the department.