ABC Meeting New Closeout Strategy Update

1
ABC MeetingNew Closeout Strategy Update

• Monday, November 13, 2006
• 100 400PM
• Presenter Nguyet Sin, Linda Erwin Tom Cappels

2
New Closeout Strategy Statistics Summary

• Mar 06July 06 Award End Date
• Number of Closeouts Due 508
• Number of Closeouts Completed 502
• Percentage of Completion 98.8
• Percentage of Incomplete Closeouts 1.2

3
Common Issues Found During Closeout Process

• Overdrafts
• NSF participant support costs were re-budgeted
  into other categories without prior approval
• PI effort  not enough committed PI effort and
  did not obtain prior approval for effort
  reduction
• 1 PI effort not charging the minimum
  requirement of 1 PI effort

4
Common Issues Found During Closeout Process

• Equipment charge doesnt meet the 5,000
  threshold
• Unallowable/administrative charges
• Lack of department responses
• Pending renewal award
• Late submission of final invoice from the
  sub-recipient

5
Avoiding These Common Issues

• All of the above issues could be avoided if
  awards are monitored closely during the life of
  the project
• Timely review and transfer unallowable expenses
  during quarterly expenditure statement review
• Request OSR Contract Officer contact sponsor for
  additional funding or time, approvals