Closeout

It is the policy of the University of Maine to comply with the requirements of the Federal Office of Management and Budget Uniform Guidance (OMB Uniform Guidance) for the financial management of sponsored projects including the timely and accurate closeout for awards. This policy is applicable to all schools, departments units and personnel of the University involved in managing sponsored awards and contracts.

When a project has reached the end date reflected in the award document and no additional time or funding is needed to complete the project tasks and objectives, the account will terminate. Several types of reports are generally required at the termination of a sponsored project. The Principal Investigator (PI) and various administrative offices have specific and shared responsibilities to assure that a project is brought to a timely and complete closure and that all required reports have been provided to the sponsor.

Good project management over the life of an award will help to eliminate any problems after the award has ended.

A No-Cost Extension provides additional time beyond the award’s closure date. Sometimes this time is needed to allow the PI to finalize a project. If approved, the sponsor grants additional time to meet the milestones but provides no additional funding.

Purchase of equipment in the last three months of a project requires prior approval even if the sponsor-approved budget included funds for the equipment. Extraordinary justification will be necessary for such purchases, except in cases where a renewal award is imminent.