GL Closeout

Upon completion of the project activities, the GL project account is in-activated by ORA.  If the project is one of several in an award, it is placed on in-active/hold status pending the completion of all of the other projects.  Once all projects under the award have been completed the status is changed to in-active/close.  In-active/close projects are not carried forward into the next fiscal year in Financials.

Before a project can be in-activated, all encumbrances must be cleared.  There should be no encumbrances listed.  Also, the project must be balanced out, meaning it is not overspent and all revenues have been collected.  Any overages must be funded by moving the excess expenses to fund 04 and funding it by uncommitted voluntary cost sharing with unrestricted funds.

Additional Resources

University of Maine Administrative Practice Letters:

Section VIII-L: Closeout Procedures