Fund Closure Deadlines and Consequences

Sponsored project funds should be closed out within 90 days of the end date. Sometimes the 90 day time-frame is unattainable due to factors outside of departmental control, such as the grantor being slow to pay the outstanding accounts receivable and system malfunctions. In the event that departmental non-response or non-action is holding up the fund closure, the steps below will be taken.

• If a fund is not extended or closed within 90 days of the end date, the fund will be suspended, meaning no further transactions can process on the fund. The fund will only become unsuspended with proper cooperation from the fund manager.
• Any fund not closed within 120 days of the end date will be closed by Accounting Services. Residual balances will be returned to grantors or placed in an institutional holding account and negative balances will be covered with backup FOPs. An attribute will be placed on the fund to track and report departments with recurring negligence.

If the department continues to get the automated emails and is unsure if there is any action pending on their part, they should email Accounting Services to get clarification.

>> Grant Extension
<< Back to Award Close-out