Monthly Webinar | Award Closeout: Let's Start at the Beginning-Award Closeout

Video Transcription

Video Summary

In this webinar, Tucker Kendall, Executive Director at NGMA, discusses the closeout process for grants, emphasizing its importance as the organization concludes 2024. The focus is on ensuring grant recipients and subrecipients are prepared for financial closeout, property disposition, and the necessary reporting as stipulated by uniform guidance. The presentation touches on strategies like reconciling finances, preparing for property disposition, and meeting reporting requirements within the set timelines—90 days for subrecipients and 120 days for recipients after the grant period ends.<br /><br />Jennifer Zarek from Amplifund elaborates on closeout procedures, urging the use of centralized systems for performance and financial data to streamline closeout processes. She emphasizes the significance of maintaining comprehensive records for longer than the mandated three years to accommodate potential audits.<br /><br />Participants are advised to use checklists and ensure regular monitoring to prepare for closeout from the start of a grant. Several updates to guidance, like extended periods for incurring administrative costs, are noted.<br /><br />The session concludes with a Q&A, addressing specific considerations like threshold applications under updated guidance and handling indirect costs and vehicles as equipment. Throughout, the need for developing robust, centralized policies and procedures is highlighted to ensure compliance and efficiency.

Keywords

grant closeout

financial reconciliation

property disposition

uniform guidance

centralized systems

record maintenance

compliance procedures

administrative costs

indirect costs