Policy 2117: Account Close-Out

Subject Area: Sponsored Awards
Responsible Office: Financial Services
Sponsor: Chief Financial Officer
Originally Issued: October 1992
Revised: February 2010
Refer Questions To: Christine Sorensen, 773-702-2398

Purpose: To establish authority and responsibility for the close-out of sponsored program accounts.


  1. Award accounting should be closed timely, within two months of the submission of the final financial report.
  2. Financial Services is responsible for deleting the award accurately once all expenditure, receipt and payment transactions have been completed.