Procedure # :600.140
Date: 21 October 2003
Written By: Ralph Earhart, Director, Financial Services
A. Several actions
need to occur every time a grant closes out. A review at close out time
eliminate problems and questions that might appear on audit.
A. The grant accountant
will review the budget on the accounting system to the approved
budget and all appropriate budget revisions. The system budget should match each category for
of the approved/revised budget. A screen print will be made and this action will be documented
B. The grant accountant
will review to insure that the proper indirect costs were charged. The
amount charged should be recomputed and compared to the original indirect cost award and to
the calculation made at closeout time. Any difference will be investigated and corrected. College
policy 600.130 may be an appropriate reason for the difference if there was a rebudgeting for a
non-overhead bearing cost category to an overhead bearing cost category.
C. The grant accountant
will prepare effort reports and send these out and not officially close
out the grant until they have been signed and returned.
D. The grant accountant
will make a final review of all cost sharing. Complete documentation
should be included in the grant folder.
E. The grant accountant
will review the sheet inside the folder that indicates when principal
investigator and fiscal reports are due. A date should be written by each required date indicating
when the reports were sent. A copy of each report (or a copy of the cover letter in the case of
lengthy progress reports) should be viewed by the grant accountant at this time.
F. The grant accountant
will check to ensure that the cash and fund balance on the account are
zero, that there are no encumbrances, and that the spending on the grant matches the final report
sent to the grantor. At that time the account will be frozen, the account set to delete, and the grant
folder will be closed out.
G. If a D 38 was
required at the beginning of the grant, then another D38 needs to be submitted
to delete the grant from the state’s active grant records.
H. A copy of this procedure
will be placed on the top left hand side of the folder, with each item
initialed to show to all that the grant has been effectively closed out.