Principal investigators are responsible for overseeing the proper closeout of sponsored projects. Uniform Guidance 2 CFR 200 details requirements for the timely submission of financial reports, technical reports and other closeout procedures. Agencies may withhold final payments or may not approve future funding if reports on a current project are late.
Be aware of your project end date. At least 3 months prior to this date, the PI should carefully review the project’s financial status and final report requirements. If there are recurring charges (ex. payroll), make arrangements to end those charges by the close out date.