Closing

An accounting adjustment must be used if an expense posted to the grant worktag is unallowable per the terms of the award agreement. GIM 15 outlines the policy for accounting adjustments on sponsored program awards.

A deficit transfer is appropriate when all expenses are allowable and total expenses exceed the award amount or the amount of cash received from the sponsor.

GCA begins the closing process after the Final Action Date has passed, any final reporting and/or invoicing requirements have been met, and all sponsor payments have been received. The department can request an early closeout via Award Portal.