The closeout process for RC accounts begins with the review of the account and preparation and submission of the final financial report. After an account ends, an email notification will be sent to the department requesting confirmation that the project is complete and the final invoice/financial report may be prepared and submitted. Once this is confirmed by the department, CGA will begin review of the account using the closeout checklist.
The following notable items will be reviewed:
- Verifying all expenditures are allowable on the project - The department will be asked if any expenses are still pending and if so, CGA will request the KFS doc number to review the expenses. Large expenses close to the end date will also be reviewed closely and further documentation may be requested.
- Subcontractor invoices have been received in full if applicable
- Any required cost share has been met
- If equipment was purchased on the project, whether or not it is agency or MSU owned (Departments may be asked to prepare a GEC and work with Capital Asset Management to change Equipment object codes if incorrectly coded in KFS).
- Whether or not patent reports, equipment reports or additional closeout forms are required by the agency.
- If an overdraft exists on the account CGA must have a plan from the department as to how the overdraft will be removed. If the plan determined is not carried out within an appropriate amount of time, generally 60 days, CGA will route an edoc in KFS to remove the overdraft as determined to the continuation account number listed in KFS.
For the closeout process of imprest advance accounts for international sponsored projects, visit the "Methods of Payment and Imprest Advance Procedures" page.
Once the account has been reviewed in full, the final financial will be sent to the department for review or the final amount to be invoiced will be confirmed, along with any additional forms that are required to be completed by the department and PI.
The closeout of the account will be assigned to the individual responsible for completion in Account Explorer once the final financial has been sent. Typically the closeout is assigned to the same person that completed the final financial. Please contact this person with any questions you have about closeout of the account.
As part of the final review of the project account and completion of CGA’s internal closeout checklist, CGA will ensure that any overdraft is removed, required reports submitted, final payment received and any pending expenses or necessary transactions have been processed on the account. The destroy date will then be determined and entered in Account Explorer. Finally the KFS account edit document will be routed to close the account. CGA’s goal is to close each account within six months of the project end date.