Award Closeout Process
Research Accounting is responsible for closing an award once the period of performance has been exhausted. This process begins when the department submits an Authorization to Close, ACE form. This may involve submitting the final invoice which reports the final project costs. The standard closeout period is 90 days, which gives the department 45 days to post remaining costs and appropriate adjustments. If the closeout period isless than 90 days and a final invoice are pending, it is important that the department submits an ACE form timely. Research Accounting cannot submit a final invoice until an ACE form is received. The account will beclosed with authorization and when the account balance is zero, income equals expenditures. The closeoutrenders the award inactive in IBIS.
The ACE forms are generated by Research Accounting monthly for each account that ended within the past 30 days and distributed to the appropriate contact in each department. Several fields are prepopulated with information such as: Account Number, Fund Name, Award Number, Award Period, Award Amount, Principle Investigator, and Cumulative Expenses (these are broken out as direct cost and indirect cost). It is requesting how any balance should be handled, or if any modifications need to be made (if so, clarification is required).The ACE form is to be returned with college/area approval within 30 days. If no modifications, or once modifications are complete, the account is reviewed to insure that the income received is equal to all of the actual expenses that have been incurred.
If the “Pending Extension through” box is checked, it gives the Accountant a warning that an end date extension is in the works. Contract dates are not changed using an ACE form. An Extension Request form is needed to change the end date within IBIS.
The ATC Report will be provided to the departments periodically. It will serve as a tool to monitor the closeout process of their accounts and remind departments that an ACE form is required. It will list all open accounts in which the contract end date has expired and provide the following information:
- AA – Admin Area
- IBIS Account #
- Agency Name
- End Date
- Income Total
- Expenditures Total
- Number of days expired since from end date