Closing an award
The end date of an award normally coincides with the end of work on the project or
projects funded by the award. Funds can be spent from the award until the close
date, to pay invoices for purchase orders raised before the end date.
Following the close date of the award, we will perform a final
reconciliation for the grant to ensure that all funds have been received and
spent according to the terms of the award and that automatic charges (e.g.
overheads or non-direct costs, pooled labour) have been processed correctly. We will
also check that all financial and scientific reports have been submitted to the
sponsor.
When the reconciliation is complete, we distribute any remaining funds as appropriate.
If there is an underspend (i.e. cash received is greater than expenditure), it
will either be refunded to the sponsor (if required under the Terms and
Conditions of the award) or to the department. If there is an overspend (i.e.
cash received is less than expenditure), then this will be posted to the
department.
What is the responsibility of the Principal Investigator (PI)?
It is the responsibility of the PI to check the Terms and Conditions of the award to
ensure that scientific and financial reports are submitted within the required
timescales.
Need further information?
Please contact the Administrator in your School Team.
