17.5. SPONSORED PROJECTS CLOSEOUT

A. Introduction

When a sponsored project has expired (the project period has ended), the Sponsored Projects Award Administration (SPAA) will begin the process of closing down the project and submitting the required financial reports to the sponsor, along with the final invoice, if necessary. Most projects have a limited amount of time to submit the final reports and invoice, and the reports must be filed within the required time frame so future funding is not interrupted. The following reports are generally required and are further defined in section B:

1. Technical Report
2. Final Financial Report
3. Final Invoice
4. Patent Report
5. Inventory Report

B. Sponsored Project Reports

1. Technical Report
   1. This document describes the process, progress, and/or results of technical or scientific research, or the state of a technical or scientific research problem.
   2. The technical report is completed by the Principal Investigator (PI) and submitted to the sponsor.
   3. If the PI does not submit the technical report to the sponsor, it is possible that the sponsor may not pay the final invoice.
      
       
2. Final Financial Report
   1. This document is the formal record of the financial activities related to the sponsored project and provides details about the amount spent by the PI and the amount received from the sponsor.
   2. The financial report is completed by SPAA and submitted to the sponsor.
      
       
3. Final Invoice
   1. This document outlines any remaining financial obligations on the part of the sponsor. The final invoice is prepared by SPAA and submitted to the sponsor.
   2. If the PI has not submitted the technical report to the sponsor, it is possible that the sponsor may not pay the final invoice.
      
       
4. Patent Report
   
   Most federally sponsored projects and some other projects require a patent report, which provides a list of inventions or new technology resulting from the project.
   
    
5. Inventory Report
   1. When the total equipment purchased for a project is valued at $5,000 or more, an inventory representative will prepare a report providing details about the equipment, and in some cases, requesting disposition of the equipment. This report is submitted to the sponsor.
   2. Equipment purchased on sponsored projects usually becomes the property of The University of Texas at Austin and will be inventoried with other departmental equipment annually. If the contract specifies that equipment is to be returned, the equipment will be returned to the sponsor.

C. Departmental Responsibilities

Before a project can be closed, the department is responsible for ensuring that all overdrafts and encumbrances have been transferred/cleared from the sponsored project.

Part 17. Office of Sponsored Projects/Sponsored Projects Award Administration - Table of Contents