Faculty & Staff

The Restricted Funds Division of the Office of the Controller is responsible for the final close-out of grant and contract accounts in the University’s Financial Accounting Systems (FAS). An account can be closed out when total project-to-date expenses on FAS agree with the total amount of expenditures on the Financial Status Report (FSR) submitted to the funding agency.

U.S. government regulations require that FSRs be submitted within 90 calendar days following the expiration of either the budget year of the project, or more commonly, following the expiration of a competitive segment of the award. For other funding agencies, reporting formats and deadlines vary and are dictated by the policies of those agencies or stated terms and conditions of the award.

For further information, see Reporting to Funders and Close-Out. More details on responsibilities and close-out steps may be found in the Sponsored Project Handbook. Also of interest are the University policies on Project Administration Account Closeouts and Financial Reporting and Closeout of Sponsored Projects, available at the University’s Policy Library site.