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Account Closing



  1. Closing Process
  2. External Regulations Governing Closing Procedure
  3. Internal Documents Used for Closing Process
  4. Closing Sponsored Projects - Procedures Internal to the University of Pittsburgh

Introduction - Closing Process
All grants and contracts have end dates that require a variety of closeout procedures. The most common closeout is a final financial report. Other requirements may include a final invoice, inventions and patent results, equipment purchases and equipment ownership information, subcontractor assignment of refunds, rebates and credits as well as subcontract release forms. These requirements are generally fulfilled by Sponsored Projects Accounting. The Principal Investigator frequently is required to complete a technical progress report providing the agency with the results of the research. Timeliness of reporting and closing is crucial to sound grants/contracts management to assure full compliance with agency regulations and to assure collection of all monetary reimbursement for costs incurred. It is the responsibility of the Sponsored Projects Accounting department to prepare and submit financial reports to the sponsor. The determination of final financial information to be reported is handled in conjunction with the university department. Go to Top

External Regulations Governing Closing Procedures

Internal Documents Used for Closing Process

Sponsored Projects Accounting has standardized closing procedures for all grants and contracts. (Copy of closing memo follows.) The intent of the standardized procedure is to assure that costs related to the grant/contract closing are legitimate for the grant/contract within the accounting period. The closing memo is an agreement between the University department and Sponsored Projects Accounting to document the only costs to be allowed as trailing costs. It is recommended that departments begin a detailed review 90 days prior to the end date of an account in preparation for closing. Go to Top

Closing Sponsored Projects - Procedures Internal to the University of Pittsburgh