Printed on: 05/21/2025. Please go to policy.umn.edu for the most current version of the document.
University of Minnesota  Procedure

Handling Program Income at Project Closeout

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This procedure contains the appropriate steps to take with program income at project closeout.

  1. After the sponsored project has ended, the Sponsored Financial Reporting (SFR) accountant will return any remaining funds in a sponsored project unless other arrangements have already been made with the sponsor for the remaining balance.

    The principal investigator (PI) should contact the Sponsored Projects Administration (SPA) Grants and Contracts Officer (GCO) before the sponsored project end date to request retaining any of the remaining balance.

  2. The PI contacts the External Sales Office if they anticipate earning additional program income after the sponsored project has ended.
    If the PI expects to generate income after the project has ended, they should complete the Internal/External Sales Activity Form (XLSX) for all new activity and follow the instructions in Administrative Policy: Selling Goods and Services to External Customers.