The Closeout Packet (COP) is a critical component of fund closeout and is due to EFM in advance of the Sponsor due date (see the Closeout Deadlines page). It is the Department’s way of confirming the final project expenditures to ensure that expenses charged are allowable, allocable, and reasonable to the award. The COP may answer questions needed to submit the final invoice and/or financial report to the sponsor, if required, and to properly close a fund. When the Department submits a complete and accurate COP in the Post Award Management System (PAMS), EFM will submit the final invoice and/or financial report to the sponsor, if required.
The COP consists of reports used to highlight expenses that may require additional review by the Department. Additional documentation needed to verify expenses may also be submitted with the packet in PAMS. Within the COP, certification is required by the department fund administrator(s) and PI to confirm final figures used for closeout.
Closeout Packet Tools
The Closeout Packet is the RAPID Closeout Tool. The RAPID Closeout Tool is an Excel-based tool that generates a Closeout Packet (see the Standard Forms and Other Resources page). Upon completion, departments upload the closeout packet in PAMS, and it is routed to EFM.
Revised Closeout Packets
Before the final financial deliverable is submitted to the sponsor
EFM may ask the Department to submit a revised COP when material changes to project expenses arise. Some examples that require revision are:
- When the fund falls under UCLA Policy 913, there is a difference between the project expenses in the COP and project fund expenses in the general ledger.
- When the sponsor requires a sponsor specific financial template and discrepancies on the form need to be resolved collaboratively between the Department and EFM.
After the final financial deliverable is submitted to the sponsor
Submitting a final financial to the sponsor confirms expenses charged to the project are allowable, allocable, and reasonable to the award.
Changes to project expenses thereafter may require revising the Final financial deliverable and EFM considers revision requests in exceptional circumstances only, see Revising Final Financial Deliverables. The Department administrator uses the Revision Request form to request revising the final expenses. If the revision request is not approved, EFM uses an unrestricted Department funding source to remove unreimbursed expenses.
