Fiscal Close - Grants (Uniform Guidance)

As a follow-up to our prior communications on May 5 and May 13, 2025, regarding the fiscal 2025 year-end close, we kindly ask that you review the important guidance below. This information is intended to support accurate and timely processing of financial transactions, with particular attention to both the fiscal year-end and the closeout of sponsored awards.

Fiscal Year-End Guidance and best practices for Sponsored Awards
Regardless of whether your sponsored project is concluding at fiscal year-end or not, a detailed financial review at this time is essential and best practice. Thorough and timely review and reconciliation of charges mitigate risks associated with late adjustments and misallocated expenses and potential audit deficiencies or findings.

Fiscal Year-End Guidance:

  •  Expense Review: Confirm all grant expenditure charged are allowable, allocable, reasonable, and within the approved budget.
  • Invoice and Expense Submissions: Promptly submit invoices and expense reports, particularly for goods/services received by June 30, 2025. Communicate proactively with vendors if invoice delays are anticipated.
    • Expenses for goods/services received by June 30, 2025, must be processed in FY25.
    •  Expenses for goods/services received on or after July 1, 2025, must be processed in FY26.
  • Compliance with Deadlines: Strictly adhere to fiscal year-end submission deadlines outlined in May 13, 2025, communication.
  • Salary and Labor Accuracy: Verify FY25 salary and labor charges and submit any necessary corrections by June 10, 2025.
  • Cost Transfers: Submit all Other than salary and labor cost transfers and expense reallocations by July 10, 2025 to Accounting Services ([email protected]).
  • Subrecipient Payments: Ensure completion and payment of subrecipient activities up to June 30, 2025.


Award Closeout Process:
The University is responsible for ensuring timely completion of funded projects in compliance with sponsor requirements. If your grant award is nearing expiration and an extension is necessary, contact the Office of Sponsored Programs ([email protected]) promptly to process modifications or no-cost extensions.

Award closeout involves collaboration to finalize project activities, submit necessary reports, and resolve financial matters. Please note sponsor-specific closing procedures, policies, and required documentation, as outlined in your contract or award documents.

Final financial reports and final invoices/billings to sponsors (for reimbursement of expenses incurred by Fordham) are typically due after the award ends, based on the following timelines:

  • Federal awards: Within 120 calendar days after the award ends.
  • Federal pass-through awards*: Within 30 calendar days.
  • State awards: Generally, within 30 calendar days after the award ends.
  • Private and local awards: Deadlines vary significantly; carefully review individual award agreements.

* These are funds initially awarded by a federal agency to a third-party recipient (such as a state agency, local government, or another institution). The third-party recipient then distributes these funds to Fordham University.

Award Close-out Review:

  • Confirm all expenses are allowable, within budget, and posted before the award ends.
  • Ensure all invoices, cost transfers, and reallocations are processed 30 days prior to the final financial report or final invoice is due.
  • Verify salary allocations for grant-funded personnel.
  • Coordinate with the Office of the Provost/Human Resources regarding personnel costs extending beyond the award period.
  • Liquidate outstanding encumbrances through Strategic Sourcing.
  • Request, review, sign, and submit final invoices from consultants/contractors.
  • Conduct final reviews on subrecipient deliverables and ensure timely payments.

Final Steps:

  • Collaborate with Grants Accounting (grantsaccountingoffice@fordham.edu) to submit final financial reports and invoices to the sponsor.
  • Retain all financial records according to University and sponsor guidelines.
  • Notify relevant stakeholders of the grant’s closure.


Thank you for your continued cooperation and dedication to fiscal responsibility. Our team remains at your service and would be happy to work with you to ensure a smooth and compliant closeout process.

Jeremy Slatken
Director of Financial Reporting and Compliance