The end date of an award coincides with the end of work on the project or projects funded by the award. Funds can be spent from the award until the close date, to pay invoices for purchase orders raised before the end date.
What will the Research Operations Office do?
Following the close date of the award, we will perform a final reconciliation for the grant to ensure that all funds have been spent according to the terms of the award, that automatic charges (e.g. overheads or non-direct costs and pooled labour etc) have been processed correctly and issue a final invoice or expenditure statement. We will also check that all financial and scientific reports have been submitted to the sponsor.
When the reconciliation is complete, we distribute any remaining funds as appropriate. If there is an underspend (i.e. cash received is greater than expenditure), it will either be refunded to the sponsor (if required under the Terms and Conditions of the award) or transferred to the department. If there is an overspend (i.e. cash received is less than expenditure), then this will be charged to the department.
What is the responsibility of the Principal Investigator (PI)?
It is the responsibility of the PI to check the Terms and Conditions of the award to ensure that scientific and financial reports are submitted within the required timescales.