Department Guidance for Submitting Fixed Price Closeouts for SOM Review/Approval

For sponsored awards that are classified as a Fixed-Price Agreement, an online form maintained by the Grants & Contracts Accounting office is utilized to initiate the closeout process and indicate the distribution of any remaining balance.

Per the VCU Financial Closeout of Sponsored Awards policy, when a Fixed-Price Agreement award is set to close with a residual balance greater than 10% of the overall project budget, an explanation of the outstanding balance will be required and must be approved by both the School of Medicine Dean's Office and G&C Accounting.

Link to the G&C Accounting Forms page, including a link to the Fixed-Price Closeout form

For balances less than 10% of the overall project budget:

1. Initiate the G&C Accounting Fixed-Price Closeout form.

2. Upload the signed Final Expenditure Report (FER) and the Sponsor Approved Budget as indicated by the form.

3. Enter the PI and Department Chair email addresses for approval routing.

4. Submit the Fixed-Price Closeout form.

For balances greater than 10% of the overall project budget:

1. Compile the following documentation into a single PDF packet:

   1. (If clinical trial managed in OnCore) Screenshot of OnCore showing "IRB Study Closure"status

   2. (If clinical trial managed in OnCore) Screenshot of OnCore Finance Summary report showing "Closed" CT Finance status

   3. Banner FRIGITD screenshot showing remaining balance

   4. G&C Accounting Final Expenditure Report (FER) form signed by PI

   5. Justification Memo signed by the PI describing why there is a balance greater than 10% remaining and how the funds will be used if pooled to the department/PI for the balance:

      1. For additional info see page: SOM Evaluation of Fixed Price Closeouts

      2. Please include this information in the text box of the “Explanation of Outstanding Balance” in the JOT form for Fixed Price Closeouts.

   6. VCU internal budget

   7. Final approved sponsor budget

   8. If clinical trial) A PDF or screenshot from OnCore of "Cumulative Subject Totals," or if not managed in OnCore, some other summary of the number of patients enrolled, number completing the study, number of screen fails, etc.

      1. DO NOT include patient names or any other identifying information.

2. Initiate the G&C Accounting Fixed-Price Closeout form.

3. Upload the PDF packet of requested closeout documentation listed above.

4. Complete the "Explanation of Outstanding Balance" field on the form.

5. Enter the PI and Department Chair email addresses for approval routing.  For School of Medicine indexes, the form will automatically then route to SOMRA for Dean-level review and approval.

6. Submit the Fixed-Price Closeout form.

7. The SOM Dean's Office will contact you if there are any questions prior to approving the request or if missing/additional information is needed.

Questions?  SOMRESADMIN@vcuhealth.org