Closing
Should I do an accounting adjustment or a deficit transfer?
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.
What information does GCA (Grant and Contract Accounting) need to close this budget?
Closing a grant or contract is the final step in the life of a project. Once the grant or contract has expired, or all of the activity is complete, GCA can start the budget closing process.
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 may request an early closeout via Grant Tracker.
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How do I get a budget in status 3?
Grant and contract budgets automatically close to status 3 after their Final Action Dates have passed. Departments may request status 3 prior to that point to block further expenditures on a budget (e.g. to keep a budget from falling into deficit) via a Grant Tracker request.
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