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Post Award Assistance
Close Out and Record Retention
Sixty days before the end of a grant project, the principal investigator should meet with the Grants Development Office to review the project and what will need to be done prior to the end date.
The following is a partial listing of issues to be discussed related to closing out projects taken from "Managing Sponsored Projects at the University of Minnesota" (Copyright 1996, 1998-2001 The Regents of the University of Minnesota All rights reserved).
- close related contracts
- verify project status
- review delegation of authority,
- close open encumbrances,
- close recurring charges e.g, phone and network),
- close standing orders(e.g, bookstore, duplicating, post office etc.),
- reconcile account,
- resolve overdrafts,
- review financial reports,
- suspend account use,
- transfer balances
- close or purge account
- document patent, technology transfer, and intellectual property information.
- review equipment inventory
- disposition of University equipment and materials,
- submit inventory and equipment reports
- close payroll encumbrances
- transfer accrued vacation time
- transfer personnel
The Grants Development Office will assist in retaining records on behalf of UMM. Sponsors may have specific guidelines for records related to projects they have funded.
The retention schedule applies to all University departments, units, and agencies, and to all formats of information, including but not limited to, hard copy paper records, electronic media, and microforms.
The University retention schedule for sponsored projects is:
This series consists of the grant proposals sent to granting agencies, and may include but is not limited to proposals, reports, final reports and award documents.
Recommended retention:
- Awarded Grants: 6 years after submission and acceptance of final invoice.
- Not Awarded: 1 fiscal year.
This series documents the grants received by the department, and may include but is not limited to copy of the award document, fiscal documents, copies of Disbursement Services documents, copies of Payroll documents, reconciliation reports, packing slips and correspondence.
Recommended retention:
- Sponsored Projects Administration: 6 years after submission and acceptance of final invoice.
- Departments and Units: 6 years after submission and acceptance of final invoice.
Click here to see the University's policy on Record Retention.
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