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, ATC 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 is less than 90 days and a final invoice is pending, it is important that the department submits an ATC form timely. Research Accounting cannot submit a final invoice until an ATC form is received. The account will be closed with authorization and when the account balance is zero, income equals expenditures. The closeout renders the award inactive in IBIS.
The ATC forms are generated by Research Accounting monthly for each account that ended within the past 30 days. The forms are distributed, via Box, 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 ATC 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 an end date extension is in the works, and Extension Request form is needed to change the end date within IBIS. Contract dates are not changed using an ATC form.
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 ATC 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
Research Accounting, 401 Rider Building
Office of Research Accounting
The Pennsylvania State University
227 W Beaver Ave Ste 401
State College, PA 16801
Phone: (814) 865-7525
Fax: (814) 865-3910
Email: [email protected]
Master Data Request Email: [email protected]