This procedure contains the appropriate steps to take with program income at project closeout.
- The principal investigator (PI) should contact the Sponsored Projects Administration (SPA) grants administrator (GA) before the sponsored project end date if they do not want the remaining balance to be returned to the sponsor.
If the PI anticipates a balance at the end of the sponsored project that earned program income and wants to retain this balance, they should contact their SPA GA to determine the most appropriate course of action with the sponsor.
- After the sponsored project has ended, the Sponsored Financial Reporting (SFR) accountant will return any remaining funds in a sponsored project that has generated program income to the sponsor unless other arrangements have already been made with the sponsor for the remaining balance.
Because Federal regulations require the University to expend program income funds before sponsor funds, and for consistency purposes the University extends these requirements to nonfederal sponsors as well, if funds remain in the project or program income account after the project has ended, project balances will revert to the sponsor.
- The PI should contact External Sales 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 for all new activity and follow the instructions in Administrative Policy: Selling Goods and Services to External Customers.