The closeout report, sometimes also referred to as a closeout process, is the last official piece of financial documentation within a grant’s lifespan or period of performance (POP). The closeout report accounts for all the expenses made with the federal share your organization received, including the funds your organization matched. When done correctly, a closeout report should be an accurate accounting of all items and activities purchased with these funds.
The closeout report is important. It needs to be assembled and submitted correctly or risk being kicked back for revision. Fortunately, Hagerty has extensive experience with closeout reports. On the World Trade Center Recovery Program engagement, Hagerty professionals developed, implemented, and oversaw the Expedited Closeout Process, which allowed all projects, including $5 billion in Public Assistance grants plus $2.4 billion in 9/11 associated costs, to be closed out within two years of the event. (For an project as large and complex as this one, issuing a complete closeout report within two years of the original event is nothing short of amazing.)