Closing grant accounts when grants have ended
We aim to close grant accounts as quickly as possible once a grant has ended. Doing this means we can release unpaid funds to be spent on new grants.
On 1 December 2015, we introduced a formalised process for closing grant accounts and writing back unclaimed or unwanted funds.
Affected grant schemes
The change applies to most of our grants, including Investigator Awards, Seed Awards, Collaborative Awards, fellowships and studentships. It doesn’t apply to:
- grants that are based on milestone payments
- grants that require specific approval by Trust monitors
- grants that have exceptional arrangements set out in the award letter.
Submitting End of Grant Reports
It is a condition of award that the Final Expenditure Report and the End of Grant Report are sent to us within three months of the agreed grant end date.
On the Final Expenditure Report, the administering organisation summarises all expenditure incurred on the grant and requests payment for any outstanding expenditure.
On the End of Grant Report, the grantholder reports on the activity undertaken on the award.
We’ll only be willing to approve a final payment, and release any outstanding payments that are being held under our 10 per cent retention policy, once we have received and approved both the Final Expenditure Report and the End of Grant Report.
If the Final Expenditure Report is not returned within three months of the grant end date, we will make a reasonable effort to obtain it and resolve any issues; this will include a final warning sent to the administering organisation two weeks before we close the grant account.
Likewise, if the End of Grant Report isn’t returned within three months of the grant end date, we’ll make a reasonable effort to obtain it from the grantholder, which will include advising them that the grant account will be closed and funds written back if the report is not returned within a specified timeframe.
We will also let the grantholder know that we won’t consider further applications from them until the report has been returned.
If we don’t receive both reports, the grant account will be closed and any retained funds will be written back. Accounts will also be closed and funds won’t be released if there are outstanding queries on either report and we have not received information from the Lead Applicant or administering organisation within a reasonable timeframe.
We won’t agree any requests for payment made after the accounts have been closed.
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