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Award Closeout

The timely closeout of sponsored programs is critical to the university’s compliance with the terms of the award and for proper accounts management.

If you have an account that needs to be closed, ensure that the following are completed:

  • All encumbrances been cleared on this account
  • All open commitments been cleared
  • All expenses been posted into this account
  • The PI submitted their final Technical/Scientific Report
  • All reconciliations have been done, and approved

Be sure you to return the FSR Memo and Check List duly signed to osp-postaward@virginia.edu (if you have not sent one already for any other reason)

Note: an account may be closed while awaiting sponsor’s final payment. All outstanding payments will need to be monitored via account receivables aging reports. Training grants with unliquidated obligations need all unliquidated obligations to be cleared to close early or otherwise must wait until after the last appointment end date which may be a year after the original end date.

For any additional questions you may have or on issues not covered here, please email osp-postaward@virginia.edu

Residual Balance (RG) Accounts

A Residual Balance Account (award prefix RG) usually involves a Fixed Price award where all deliverables are completed but it has a remaining cash balance available. Internal procedure 8-16 provides information on how to request an Unrestricted Residual Balance Account. Use the form OSP Residual Funds signoff sheet, and send it to ospnoa@virginia.edu.

If you submitted your request already, and need information that cannot be found in the OSP Document control log, please send an email to osp-postaward@virginia.edu.