Chapter 2: Fiscal Responsibilities

2.9 Project Closeout

Projects are considered completed or closed out after the sponsor receives and approves all reports as required by the terms and conditions of the award.

Expenses incurred after the project period has ended are unallowable, unless the award contained provisions permitting them to be charged. This includes expenses incurred for the production of final project reports. If you have work left to do on a project, but have run out of time, you may request a no-cost extension. This request must be coordinated and submitted via eSPA.

Any residual balances remaining after all project/research related costs have been incurred on a fixed-price contract or clinical trial agreement belong to Children's Hospital of Philadelphia and must be closed per the CHOP Research Institutes' policy on Residual Funds From Privately Sponsored Research Activity.

Reports required at the close of a project are generally due within 90 days of the project end date. These generally include:

  • Final technical report – prepared by the PI and submitted by the SPO
  • Final inventions report – prepared by the PI and submitted by the SPO
  • Final financial report – prepared by the RBM, reviewed by the PI and submitted by Research Finance after the RBM and PI review final costs incurred
  • Final property report – prepared and submitted by Research Finance

Failure to submit required reports by the sponsor's deadline can result in the sponsor withholding continued funding or final payment on an award, and/or suspension and termination of any and all active awards. In one case at Children's Hospital, a sponsor held up funding to a PI because of a different PI's failure to respond to repeated requests for a technical report.

Project records, both scientific and administrative, need to be retained for specified periods after closeout. Normally, the retention period is three years. Records are subject to audit at any time during this period.

Ask the Experts

Steve Wiley
Department of Research Finance

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