Closeouts, Deficit Clearance and Residual Balance Resolution


What is the process for closing out a project?

At project expiration, a project closeout form for external, internal and industry-sponsored projects must be completed and submitted to SRFA to begin the closeout process. The assigned GCO and RFA will review the file to make sure all reporting requirements have been met in accordance with the terms and conditions of the sponsoring agency. Additionally, the RFA will work with the DRA to resolve any deficits or surplus prior and the RFA will complete a thorough reconciliation of the project before placing it in closed status.


My SRFA RFA just sent me a deficit resolution memo. What do I do now?

Contact your SRFA RFA and develop a plan and timeline for clearing the deficit. Per the PPM's Deficit Resolution Procedure: Sponsored Research and Funds Administration, the PI will have 60 days from the date of the memo to resolve the deficit. If an appropriate resolution is not performed by the PI within 60 days, SRFA will ask the department chair to assist in resolving the deficit or provide an action plan that eliminates the deficit.


How can I indicate that I am working to clear my deficit?

  • Submit a DCTR to your SRFA RFA with either expenses to transfer or funds to transfer to clear the deficit.
  • Submit a funds transfer memo to your SRFA GCO.
  • Confirm with your GCO that additional funding will be added to the project, and ask for that confirmation in writing.
  • Inform RFA that costs posted to the project are in error and initiate the appropriate cost transfers.

I have fulfilled all of the required milestones and deliverables of my fixed-price agreement, and there is a residual balance remaining on the project. How will this be handled at closeout?

If the residual balance is unrestricted and therefore not required to be returned to the sponsor, the balance may be resolved as follows:

  • Disposition of funds is at the discretion of the VP of Research and SRFA management.
  • Please see the procedure titled Disposition of Residual Funds on Clinical Trials and Other Types of Fixed Price agreements Procedure: Sponsored Research and Funds Administration in PPM for more information.