skip navigation
About UsNews CenterGrants/FundingPartnershipsResourcesFor CongressTraining & TA
OJP Topics


3.18 Closeout

Closeout of Awards

Cash Reconciliation and Final Draw Down

As the award recipient, you should conduct a financial reconciliation of your accounting records to the final Federal Financial Report (FFR/SF-425) at closeout.

  • Any required match must be reported on the final FFR.
  • Obligations incurred prior to the project period end date must be liquidated no more than 90 days after the project period end date.
  • Recipients must request final reimbursement (draw down) of Federal expenditures made within the approved project period in conjunction with the final SF-425. This request should be submitted prior to the end of the liquidation period (90 days after the end date of the project). Failure to request final payment by this date will cause delays and result in additional administrative paperwork.??

[ back to top ]

Recipient Closeout Requirements

Within 90 days of the end date of the award (or any approved extension), the following must be submitted by the recipient to the awarding agency:

  • Final SF-425
  • This FINAL report of expenditures must have no unliquidated obligations.
  • Any unobligated or unexpended funds will be de-obligated from the award amount. Make sure you have obligated all of your funds prior to the award end date.
  • Match requirements must be met by the end of the award period and included in the report.
  • Recipients who have drawn down funds in excess of their Federal expenditures must return unused funds to the awarding agency when they submit the final report.
  • Be sure to reconcile your final FFR against your internal accounting records. All entries in the accounting system must be supported by adequate source documentation (for example, original invoices and contracts).
  • Report all allowable costs incurred, both at the recipient and subrecipient level.
  • The final progress report should be prepared in accordance with instructions provided by the awarding agency???s program office.
  • All inventions that were conceived or first actually reduced to practice during the course of work under the award project must be listed on an invention report before closeout.
  • All required real or personal property reports must be submitted in accordance with the terms of the award.??

box with checkmarkAction Item

Submit your final SF-425, final progress report, and invention or equipment reports (if applicable) well in advance of the end of the 90-day period. After the liquidation process, you will be unable to draw any additional funds on the award.

[ back to top ]