The grant and contract closing process begins when the budget expires and/or after Grant and Contract Accounting (GCA) receives all necessary financial information from the department. (GCA will not close a budget if you notify them that you have an extension and/or supplement in progress.)
PI/staff work with GCA to insure that all expenditures are allowable. GCA reconciles and closes the budget. When budget, expenditures, cash and revenue are equal, GCA changes the budget status to 4 (closed).