CLOSEOUT
(CT:FMP-90; 07-30-2015)
(Office of Origin: CGFS/FPRA/FAFM)
4 FAH-3 H-681 GENERAL
(CT:FMP-90; 07-30-2015)
Federal award closeout, as prescribed in 2 CFR 200.343, Closeout, is the process by which the Department determines that all applicable administrative actions and all required work of the grant have been completed. Federal awards will be closed upon receipt of the final financial, performance, and other reports as required by the award terms and conditions, and after determination that any other administrative requirements in the award have been met. In the event a final audit has not been performed prior to the closeout of the award, the bureau reserves the right to recover appropriate amounts after fully considering the recommendations on disallowed costs resulting from the final audit.
4 FAH-3 H-682 PROCEDURES
(CT:FMP-90; 07-30-2015)
a. The bureaus must require the recipient to submit, no later than 90 calendar days after the period of performance, all financial, performance and other reports as required by the terms and conditions of the award. The Department may approve extensions when requested by the recipient.
b. Unless the bureau authorizes an extension, a recipient must liquidate all obligations incurred under the award no later than 90 calendar days after the funding period or the date of completion.
c. The bureau must make prompt payments to a recipient for allowable reimbursable costs under the award being closed out.
d. The bureau must require the recipient to promptly refund any balances of unobligated cash that the Bureau has advanced or paid that is not authorized to be retained by the recipient for use in other projects.
e. Prior to acceptance of the final financial report, all discrepancies must be reconciled and a copy must be forwarded to the program office for review or comment.
f. The bureau must ensure the recipient has met proposed or required cost sharing.
g. The bureau must deobligate the unliquidated balance of funds from the accounting records.
h. The bureau must provide the recipient with proper instructions on the disposition of any equipment or furniture acquired with U.S. Government funds as stipulated in 2 CFR 200.313, Equipment.
i. Additionally, when closing a PMS grant the following action must be taken:
(1) Request PMS balance printout;
(2) Compare final amount expended/remaining balance on financial report with PMS print-out (These amounts must equal exactly (no rounding). If these amounts do not equal, instruct the grantee to either return excess funds or make a final draw down as necessary.); and
(3) Compare the amount the grantee has drawn against what it has reported spending on the most recent Form SF-425, Federal Financial Report (If these figures do not equal one another, the grantee will need to be contacted and instructed to make the necessary adjustments.)
4 FAH-3 H-683 THROUGH H-689 UNASSIGNED