Closing an Account and Reporting
Closing an Award
When the end date of an award has been reached, we will work with you to make sure that the funds have been spent in accordance with the eligibility rules set out by the funding agency. Just as you are responsible for knowing the expenses eligibility rules, you are responsible for the funding agency's rules concerning the eligibility of spending at the end of an award, and for knowing the end date of you grant.
Any balance remaining in the account will be distributed according to the terms of the award. If there is a deficit, it will be eliminated in consultation with you and under the terms of the Accountabilities Form. When the balance in the account if brought to zero, we will ensure that it is closed so that you cannot be held responsible for any unauthorized spending.
The terms and conditions of an award will usually detail the reporting throughout the life of the grant. There is usually a requirement for a scientific report and a financial report. Timely completion of these reports is important to maintain our good standing with funding agencies.
On your behalf, we will prepare the financial report and send it to you for your review prior to submitting it to the sponsor. Please make sure that we are aware of all financial reporting obligations be sending us any terms and conditions that you may have. Your responsibility will be to prepare and submit the scientific and technical reports.
For more information, please contact: