Sponsored Agreement Closeouts Policy
West Virginia University Policy
Division of Administration and Finance
SPONSORED AGREEMENT CLOSEOUTS POLICY
Reason for this policy:
The purpose of this policy is to delegate responsibility to West Virginia University (WVU) and the West Virginia University Research Corporation (WVURC) for closing out sponsored agreements within ninety days of expiration or in accordance with the award agreement deadlines. This responsibility covers all closeout actions which includes all financial, technical and administrative reporting.
To whom does this policy apply?
This policy applies to all sponsored agreements (grants, contracts and cooperative agreements) in all University departments, including those on the divisional campuses, and the West Virginia University Research Corporation.
It is WVU and WVURC’s responsibility to comply with the following requirements for the close out of sponsored agreements at the end of the period of performance:
- Must submit no later than 90 calendar days all financial, performance and other reports required by terms and conditions
- Must liquidate all obligations incurred no later than 90 calendar days per terms and conditions
- Must promptly refund any balances of unobligated cash that the federal agency or pass-through entity paid in advance or paid that isn’t authorized to be retained for use in other projects
- Must account for any real and personal property acquired with federal funds or received from the federal government
This responsibility is shared jointly between administrative and academic departments.
Procedure development rests with the Financial Services Department and the Office of Sponsored Programs.
All employees are responsible for supporting this policy. It is the responsibility of the Dean or Director to implement and maintain this policy within their college, department, or unit.
The responsibility for interpretation of this policy rests with the Financial Services Department and the Office of Sponsored Programs of West Virginia University.
Additional information or questions regarding this procedure can be obtained by contacting the Financial Services Department of West Virginia University at 304-293-4002.
EFFECTIVE DATE: February 2, 2015
Narvel G Weese, Jr., Vice President for Administration and Finance
President, West Virginia Research Corporation
Daniel A. Durbin, Senior Associate Vice President for Finance
Treasurer, West Virginia University Research Corporation