Collect Purchasing Card (p-card)
Subcontracts: Make sure final invoices have been submitted
Uncollectible Funds: Any costs deemed uncollectible must be removed from the sponsored fund
and moved to a departmental non-sponsored fund. Departments are responsible for removing charges
that cannot be reimbursed or paid by the sponsor.
Close open encumbrances:
Funds encumbered as of the closing date can normally be held open until invoices
Encumbrances related solely to the preparation of a final report, e.g., printing
costs, can normallly be held open
Make sure the last payment is marked ‘final.’
Close Standing Orders: Make sure all units that have an account number on file remove that
numbre, e.g., bookstore, libraries
Reconcile Account: Departments should start reviewing their accounts for charges processed
against the project long before it ends. By the time the project ends, it could be too late for timely
posting of expenses to the account. Some sponsors will not accept invoices that are a single day
late. No matter how big the invoice is, they will not pay.
Resolve Deficits: The PI is responsible for initiating removal of over-expenditures. They must
be removed before the final reports are submitted.
Close Recurring Charges: Recurring charges are charges that continue to hit on an ongoing
basis without continued paperwork being processed. Example: telephone charges.
Review Financial Reports: ORSP prepares and submits a final financial report. Since some
sponsors require final financial reports within 90 days, all project charges should appear on the
University accounting system by the termination date.
Suspend Account Balances: Verify that each person who has been delegated authority to
spend on the account stops spending.
Transfer Balances: When the end date on a fixed-price project has arrived, and the project and
deliverables are completed, the PI requests the remaining direct cost balance be transferred to a non-