Advancement · Grants & Funding

Close the award
before the clock does.

Enter the end of the period of performance and whether you are the prime recipient or a subrecipient. The checklist counts down to the final-report deadline, keeps the subawards still open in view and sets the date your records can finally go.

Start a closeoutWhat you get
$5one-time · every device you sign in on
Buy · $5

Included with Caveat Classroom and Whole-school licenses. Or get it in the Grant writer’s desk, $49 for 32 items.

Awards closing

The worked example is two made-up awards: a prime award that ended September 30 with reports due January 28, and a pass-through subaward already reported. Closeouts save on this device only.

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What you get

Advancement · Grants & Funding$5 · included with Classroom and Whole-school licenses

What you finish with
A closeout per award with the program, agency, award number, role, end date, final-report date and unspent balance; the generated report deadline (120 days for recipients, 90 for subrecipients) and record-retention date (3 years from the final financial report); seven money checks, five report and property checks, open subawards with amounts, three records checks; flags for the deadline, a late report, unreturned balances and open subawards.
Who it is for
Grants managers, business officers, program directors and finance staff closing federal awards at schools, districts, colleges and nonprofits.
Format
Browser checklist with a saved closeout per award. Prints a closeout, all awards or a blank form; downloads a spreadsheet (.csv); exports and imports a file.
Access
$5 one-time, yours on every device you sign in on; the tool opens once you are signed in with it. Included with Caveat Classroom and Whole-school licenses. Also in the Grant writer’s desk ($49) and the Advancement Suite pass ($99), and 1 more bundle. Everything you type stays in this browser; nothing is sent to Caveat.
Where it lives
The Grants & Funding space in Caveat Advancement.
Support
Questions about access, an order or a correction: team@caveatacademic.com.

How to use it

  1. Start a closeout 90 days before the period of performance ends.
  2. Enter the end date and your role; the deadlines appear in the follow-up list.
  3. Work through money first: nothing can be reported until it is paid and reconciled.
  4. Chase subrecipients early; their reports feed yours.
  5. Enter the date you sent the final financial report to set the retention date.

Start a closeout

The closeout calendar

Closeout, counted from the end datePeriod of performance endsday 0Subrecipient reports to youday 90Your final reports to the agencyday 120Then records stay 3 years past the final financial report.Closeout, counted from the end datePeriod of performance endsday 0Subrecipient reports to youday 90Your final reports to the agencyday 120Then records stay 3 years pastthe final financial report.
Your subrecipients’ deadline sits a month inside yours on purpose: you need their numbers before you can finish your own report.

What the rules say

Under the federal grants rules (2 CFR 200.344), a recipient submits all final reports and liquidates its obligations no later than 120 calendar days after the end of the period of performance, and a subrecipient reports to its pass-through entity within 90 days, unless the award sets a different date. Records are generally kept for 3 years from the date the final financial report is submitted (2 CFR 200.334), longer if an audit, claim or litigation is open.

Read your award first

The award notice and the agency’s or state’s own terms can set other dates, forms and conditions. Where they differ from this checklist, they win. Ask your program officer about anything that is unclear well before the deadline.

Sources

  1. Code of Federal Regulations, 2 CFR 200.344, Closeout (ecfr.gov), as revised in 2024.
  2. Code of Federal Regulations, 2 CFR 200.334, Record retention requirements (ecfr.gov).
  3. Office of Management and Budget. Standard Form 425, Federal Financial Report, and SF-428, Tangible Personal Property Report (grants.gov forms).
  4. Council on Federal Financial Assistance. Uniform Guidance resources (cfo.gov), on cost allowability within the period of performance.

The worked example is made up, including its award numbers. Rules are stated in general federal terms; your award terms, your state and your auditor come first. Nothing you type is sent to Caveat. Support: team@caveatacademic.com.