It is important to close out grant accounts accurately and timely in order to ensure the timely and accurate submission of the Financial Status Report to the funding agency. Therefore, to close out the grant account, it is absolutely essential to:
To Manage the End of the Grant Account Efficiently and Effectively begin work on the following task:
The PAF team reconciles the U.S. Public Health Service funds quarterly with the Department of Health and Human Services (DHHS). A “Fund 50000/50032” grant stays active on the Federal Payment Management System Report until the DHHS closes it. This can be as much as fifteen (15) months after the grant termination date. During this period, the status of the account will be reflected as “Closed” on the Project Tab of the UTH Grants panels in FMS.
When DHHS closes the grant, PAF changes the Status from “Active” to “Inactive” in the Grants Panels by checking the “Closed” box on the Project Tab of the Grants Panels.
If there are residual funds in these types of accounts, and the funding documentation indicates that the funds vest with UTHealth, then these residual funds can be closed out to a gift account. In most cases, the funds should be closed to a Restricted Gift account that has a research-related purpose.