Sponsored Award close-out requirements are detailed in the terms and conditions of the award. The time allowed for close out can vary from sponsor to sponsor. Federal sponsors, for example, typically allow 90 days for close-out after the end of the sponsored award. By contrast, some sponsors allow as little as 30 days.
During closeout financial, performance, and other reports must be completed and submitted to the sponsor as detailed in the sponsored award documents. In addition, all obligations incurred under the award must be liquidated. If a Principal Investigator (PI) expects that there may be excess budget at the close date, the PI should contact SPA’s Post-Award Coordinator at least 3 months before the end date of the project to discuss requesting a time extension for work or to carryforward funds.
If WMed does not submit required reports by the sponsor's deadline, the sponsor can withhold continued funding or final payment on the sponsored award. The sponsor may also suspend and/or terminate any and all active awards funded by the sponsor, not just those of the delinquent PI.
Equipment Transfers
Many federal agencies also require a report on property and equipment disposition. Upon closeout of a sponsored award, SPA will determine sponsor requirements for any equipment purchased with grant funds and work with the PI to arrange any required equipment transfers. Most often, ownership of equipment remains with the institution.
Intellectual Property
Some sponsors, including nearly all federal sponsors, or sponsors passing through federal funds, require an invention statement or a report on intellectual property resulting from the sponsored program. In addition to fulfilling the other sponsor reporting requirements, inventions or other intellectual property developed by a WMed Covered Person (see, RES07) must be reported to the Office of Technology Development.
Publications
Contact WMed’s Library for more information on how to be compliant with NIH Public Access Policy for any NIH funded publications. Publications are also covered in WMed policy RES07 and depending on the sponsored award terms, there may be requirements to share materials with the sponsor.