Monthly Webinar | Closeouts Are Coming - Be Prepared!-Closeouts Are Coming--Be Prepared!

Video Transcription

Video Summary

The National Grants Management Association (NGMA) hosted a webinar focusing on grant closeouts, featuring experts from GuideHouse. The session emphasized closeout as a critical final phase in the grants management lifecycle, occurring after the grant period ends. Closeouts confirm that grant objectives and administrative tasks are completed, ensure compliance with federal regulations (primarily 2 CFR 200), and enable the reallocation of unused funds.<br /><br />Recipients are responsible for timely submission of final reports, liquidation of obligations, and accurate reconciliation of financial records, including property disposition following award terms. Common challenges include collecting subrecipient reports, managing competing priorities, resource constraints, and coordinating multiple programs with varied requirements and systems.<br /><br />GuideHouse shared a case study involving a state agency managing multiple grant programs with different subrecipients and funding timelines. A cross-functional closeout team, supported by an executive steering committee and an enterprise implementation team, helped standardize processes, consolidate documentation, and streamline audit readiness. This approach resulted in a 40% reduction in a closeout backlog within a year.<br /><br />From the awarding agency perspective, closeouts must be completed within one year, including reviewing final reports, deobligating unused funds, and resolving debts. Agencies face similar challenges: report delays, financial reconciliation, competing priorities, staff turnover, and outdated technology. An integrated project team approach, supported by executive leadership, was effective in addressing backlog and complexity through data-driven, risk-based decisions.<br /><br />Best practices include planning closeouts from day one, centralizing documentation, clear communication with grantors and recipients, periodic training, and using checklists and timelines. Upcoming trends highlighted robotic process automation, enhanced subrecipient monitoring, data-driven decision-making, and attention to equity in grants. This comprehensive webinar provided grants professionals practical strategies to manage efficient, compliant grant closeouts amid evolving federal requirements.

Keywords

Grant Closeouts

Grants Management Lifecycle

Federal Compliance

2 CFR 200

Final Reports Submission

Financial Reconciliation

Subrecipient Monitoring

Audit Readiness

Robotic Process Automation

Equity in Grants