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Closing Out Your Federal Grant Award

Webinar • Thursday, June 15, 2017 • 2:00-3:30 Eastern time

Webinar Details

Subject: Grants Management

Prerequisites: Some knowledge of federal grant management and audit requirements is helpful

Recommended Field of Study: Specialized Knowledge and Applications, Accounting (including Government Accounting)

Program Knowledge Level: Basic

Advanced Preparation: None

At the request of Congress, the Government Accountability Office, the investigative and audit arm of federal lawmakers, recently took a hard look at why federal grant accounts with millions of dollars in undisbursed funds are still awaiting closeout. Not surprisingly, the federal agencies that GAO consulted for answers aren’t blaming themselves — they’re mostly finding fault with recipients and subrecipients!

The fallout from this and other related activity has been that timely and effective closeout has become the newest federal grants management compliance “flavor of the month.” The Office of Management and Budget had already hung a light on the need for timely closeout when it released its “Super Circular.” There it told federal agencies that they “should” accomplish all actions necessary for closeout within one year after the end of a performance period. But that deadline was not a “hard stop,” and it’s clear that it hasn’t proved to be particularly realistic anyway.

Because federal closeout is triggered by recipient actions, you will need to take timely and effective steps to conduct what will be a high-profile activity for the foreseeable future. And, you’ll need to be fully aware of the responsibilities that live on after closeout is accomplished.

This webinar is designed to help you accomplish federal grant closeout. You’ll get answers to these and similar questions:

  • What are likely to be the new closeout pressure points?
  • How has OMB ramped up the required closeout procedures?
  • What are the routine and “not-so-routine” closeout tasks?
  • Which financial, performance and property reports will be due and when?
  • How can a grantee best settle up on obligations incurred and cash received?
  • What prerogatives exist for retaining or disposing of grant-acquired property?
  • How will closeout of individual awards align with the single audit requirement?
  • What continuing records retention and access responsibilities remain after closeout?
  • How can the costs of closeout activities after the performance period ends be charged?

The heat is being turned up on grant closeout. Join Bob Lloyd, principal of Federal Fund Management Advisor™ for this this timely session to make sure you’re ready. 

WHO SHOULD ATTEND?

  • Grant and contract managers
  • Sponsored projects administrators
  • Finance directors
  • Accounting staff
  • Property managers
  • Grant project directors
  • Principal investigators
  • Internal auditors
  • External auditors 

Hand-out Materials:

Attendees will receive presentation slides as well as access to background materials.

Allowable Charges

The costs of webinars sponsored by Federal Fund Management Advisor™ are allowable charges to your federal grants and subgrants. The cost principles issued by OMB under its uniform guidance (and applicable to all types of awardees) state, “The cost of training and education for employee development is allowable” (2 CFR 200.472).

Attend this Live Webinar and Earn up to 1.5 CPE Credits
Federal Fund Management Advisor™ is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.

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