Consortium Closeouts

^{Updated January 24, 2025}

DLCIs are responsible for:

• Initiating closeouts on expenditure side with Sponsored Accounting
• Reviewing individual revenue child accounts

RAS Closeout Process

1. Place revenue accounts in Terminated status.
2. Place expenditure accounts in Closed status according to standard VPF closeout process.
3. Place closeout documentation in parent account.

Unexpended Funds

Typically, funds are not returned to sponsor. Check the agreement to confirm.

• Option 1: Keep expenditure side extended for no longer than a year. Revenue side cannot be reduced and remains as is. 
• Option 2: If no further activity under the entire consortium and accounts remain not fully expended, process closeout request from VPF on expenditure side. The obligated totals on expenditure and revenue sides will be out of balance. Revenue side cannot be reduced and will remain as is. 

If expenditure accounts remain fully expended, process closeout as normal.