Step 5: Closure of project
As the project period approaches its end, it´s time to compile all documentation in accordance with the funder´s guidelines. Most funders require a final report that describes, for example, the achieved research results in relation to the project´s goals and commitments. The final financial report is prepared in collaboration with the financial officer.
Final financial reporting and closure
Contact your financial officer well in advance of the end of the project. Aspects to consider:
- Should an auditor be contacted? Remember to make an appointment well before the end of the project period.
- Revise the total budget and incurred expenses.
- Which final financial reporting is required by the funder? Should reports be submitted electronically?
- Are some procured assets still being depreciated?
It is also important to finalize the project in the financial system. If all funds have not been utilized, repayment to the funder may be necessary. If the budget has been exceeded, additional co-financing is required. In both cases, deviations should be communicated to the head of department.
Ensuring a successful project closure is crucial, as it can impact future funding both individually and for the organization, or result in other negative consequences.