Step 5: Closure of project
Project closeout is a critical component of all research projects. If it is done well, closeout can provide the platform for future research projects and research funding, but if done poorly it can potentially make it difficult to gain future funding for the individual and the organisation or even have negative consequences.
When the project life cycle is coming to an end, it is important to provide all necessary documentation according to the funder’s guidelines. Most funders require final activity or technical reports describing the achieved research results and outcomes in relation to the objectives and obligations of the project. Final financial reports are normally requested and prepared in collaboration with the financial officer.
It is also important to finalize the project financially internally together with the financial officer. Any overdrafts or underspending may affect the overall planned budget of the department, for example if additional internal co-financing is required. Any deviations should be communicated to head of department.
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?
Tips! Gather project members and involved staff for a closing meeting. Discuss and document success factors and opportunities for improvements. Share your experiences with your colleagues and keep until next granted award.