The Federal agency or pass-through entity will closeout the Federal award when it determines that all applicable administrative actions and all required work of the Federal award have been completed by the non-Federal entity. This section specifies the actions the non-Federal entity and Federal awarding agency or pass-through entity must take to complete this process at the end of the period of performance.
The Uniform Guidance requires MBL to submit final billing to the sponsor within the 90 day closeout period. However, some federal agencies, including NIH and NSF, have expanded the closeout billing period to 120 days. You should always CHECK SPECIFIC AWARD TERMS FOR SPONSOR REQUIREMENTS. If you have a programmatic reason for extending the award and have funds available to continue the project, request a no cost extension. If you have a subaward, the sub-recipient must submit all final billings well in advance of the 90 day period.
The Uniform Guidance is effective for federally sponsored agreements and new funding increments awarded on or after December 26, 2014.
Federal awards received before December 26, 2014 must continue to follow the requirements in OMB A-122.
Retention Requirements for Records
Financial records, supporting documents, statistical records, and all other non-Federal entity records pertinent to a Federal award must be retained for a period of three years from the date of submission of the final expenditure report or, for Federal awards that are renewed quarterly or annually, from the date of the submission of the quarterly or annual financial report, respectively, as reported to the Federal awarding agency or pass-through entity in the case of a subrecipient.
Exceptions can be found in the following section:
Uniform Guidance Section: 200.333