Monthly Webinar | Finish Strong: SLFRF Closeout, Early Close, and Audit Confidence-Video Recording

Video Transcription

Video Summary

The webinar, “Finish Strong: SLFRF Closeout, Early Close, and Audit Confidence,” focused on preparing for the closeout of Treasury’s State and Local Fiscal Recovery Fund (SLFRF) under ARPA. Presenters reviewed key deadlines: most funds must be expended by December 31, 2026, with some exceptions, and final project/expenditure reporting continues through April 30, 2027. They emphasized that closeout is not the end of oversight; Treasury can still review audits and request documentation for years during the five-year retention period.<br /><br />A major theme was building an audit-ready closeout file. The speakers recommended a “48-hour test”: could an organization produce complete SLFRF documentation within 48 hours if asked? They outlined needed records, including award documents, financial records, procurement files, subrecipient monitoring, internal controls, and programmatic support.<br /><br />The session also covered common audit findings, such as weak controls, procurement errors, misclassification of subrecipients and contractors, and unsupported costs. The presenters advised starting reconciliation now, correcting gaps, and using closeout as a way to strengthen long-term federal grant management systems.

Keywords

SLFRF

ARPA

closeout

audit readiness

federal grant management

procurement compliance

subrecipient monitoring

documentation retention

Treasury reporting deadlines