Project Closeout & Record Retention


Beginning 90 days prior to a project end date, principal investigators and department administrators receive automated notifications that projects are ending. At this time, the PI should notify Accounting Services (AS) and the Office of Research Services of any intent to request a no-cost extension.

Closeout Procedures

Departments may utilize the Closeout Checklist to assist in a more expedited project close, which includes items to review such as the following:

  • Confirm final project expenses or remedy overspent funds
  • Clear open encumbrances and move remaining personnel appointments to new funding sources
  • Confirm cost share is met in full (as applicable)
  • Confirm deliverables have been met, including final technical reports

Federal closeouts are due within 90 days of the project end date. Pass through, state, or other private awards may have alternative closeout deadlines found in award documents.

Accounting Services is responsible for facilitating all final non-technical reports including, but not limited to, financial, invention or patent, and property reports. In conjunction with final reporting, AS will also perform final F&A adjustments and terminate project funds in the financial accounting system (Banner). Additional details may be found in TTU OP 65.13 Financial Reporting and Award Closeout for Sponsored Projects.

Government Owned Property

Government owned property on a sponsored project may include any of the following listed and must be remitted to the sponsor after a project ends. As part of the closeout process, AS submits final property reports and requests disposition instructions from the agency.

  • Equipment furnished by the federal government
  • Purchased or fabricated equipment for which the federal government holds title per an award
  • Transferred equipment for which the federal government holds title per an award

More detailed definitions and procedures may be found in TTU OP 65.14 Federal Equipment.

Fixed Price Agreements

Fixed price awards are those that a PI agrees to accomplish project objectives within a specified timeframe for a set dollar amount. When actual costs of the project are less than the award amount, residual balances, less full project F&A, are transferred to the PI (80%) and department (20%) on unrestricted 18F residual funds after final payments have been received from the sponsor.

For residual balances exceeding either $20,000 or 25% of the award amount, PIs must provide a justification of reduced costs, and the closeout must be approved by the Senior Associate Vice President for Research and the Managing Director of Accounting Services (or their delegates) in accordance with TTU OP 65.11 Fixed Price Agreements.

Record Retention

AS is the office of record for all financial documents and all non-technical reports. PIs are responsible for maintaining technical or performance reports in accordance with the sponsoring agency guidelines. Most often, TTU must maintain records for a period of 3 years. However, retention periods vary by funding source and may be found referenced in individual award documents.

For additional questions, Grant Specialist contacts can be found by college and department in the Accounting Services Find My Grant Specialist contact listing.