Agency regulations typically require closeout of a project
within ninety (90) days of termination. As soon as a file is
eligible for closeout, the Contract Management Team will perform
the following functions:
- Deliverables - Check that all deliverables have been submitted
and meet agency requirements. If any deliverable is missing,
the Principal Investigator (PI) and/or departmental personnel
will receive an e-mail from the Office of Research & Commercialization
(ORC) requesting a copy of the deliverable and cover letter
that was submitted to the agency.
- Intellectual Property - The Office of Research & Commercialization
(ORC) will send an e-mail to the PI and ORC's Technology
Transfer Representative for confirmation on whether or not
Intellectual Property (IP) was developed under the project.
If IP was developed, the Contract Manager will
determine vesting rights.
- Equipment - Validate that all equipment purchased was authorized and tagged correctly. If equipment vests with UCF, contact PI to move property and approve that transfer once complete. If equipment vests with funding agency, contact PI to have equipment returned to agency with transmittal document requiring signature by receiving party.
- Subcontract (if applicable) - The subcontract is reviewed to ensure all deliverables have been submitted and their corresponding payments made.
- Classified Materials - An e-mail will be sent to ORC's Security
Officers (Doug Backman at dbackman@mail.ucf.edu and
Dela Williams at dcwillia@mail.ucf.edu)
to confirm that all classified materials, if applicable, have been
returned or destroyed.
- Balance Account Transfer (Fixed Price Agreements Only) - If the contract is with a state or private funding agency and the balance remaining is 20% or less of the awarded amount, then the project can be closed to a balance account. If the contract is with a federal agency and the balance remaining is 10% or less of the awarded amount, then the project can be closed to a balance account. However, if the balance is in excess of the guidelines above, the PI is required to submit a memo justifying the large balance. The Contract Manager will determine if the justification is adequate to meet audit considerations.
For further questions regarding closeout procedures, please contact
the Contract Management Team.
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