The closeout step is where the grant process ends. In order to complete a closeout, you, the award recipient, must submit the final financial and programmatic reports. According to the OMB Uniform Grants Guidance §200.343, the receipt must submit all financial, performance, and other reports required under the grant within 90 days after the grant award expires or is terminated. The awarding agency will review these reports to ensure compliance will all the grant terms and conditions as well as to make sure you spent all the funds appropriately.
How do I know when a grant is officially over? The Federal awarding agency has to confirm that the recipient has completed all of the required grant work and all the applicable administrative tasks. Until the awarding agency confirms this, you are still responsible for fulfilling all the terms of the grant. The closeout process can take several months if there are financial concerns or questions to reconcile. Also, if you or your organization acquired any property using grant funding, the closeout step is when you must make sure to handle this property exactly as the grant stipulates, which includes completing the appropriate reports on this property. Lastly, you are typically required to retain your grant records for at least three years from the date of the final expenditure report.