# Updated Closeout and Reporting Policy for Sponsored Awards May 06, 2021 The “Sponsored Financial Reporting and Closeout Policy” has been updated and renamed as the “[Closeout and Reporting Policy for Sponsored Awards](/closeout-and-reporting-policy-for-sponsored-awards)” as of May 6, 2021. Recent updates to the Uniform Guidance, specifically Subpart D, [§200.344 (i)](https://www.ecfr.gov/cgi-bin/text-idx?SID=fff46b51e8497086af8f43fe762af871&mc=true&node=se2.1.200_1344&rgn=div8), outline new requirements for closeout and consequences for not meeting these requirements: *If the non-Federal entity does not submit all reports in accordance with this section within one year of the period of performance end date, the Federal awarding agency must report the non-Federal entity's material failure to comply with the terms and conditions of the award with the OMB-designated integrity and performance system (currently FAPIIS). Federal awarding agencies may also pursue other enforcement actions per §200.339.* The updates to the Closeout and Reporting Policy for Sponsored Awards include the following: - Emphasis on the timely submission of all reports, both financial and non-financial reports (See [Note 1](#note1)) - Roles and responsibilities reformatted into bullets for readability - Formal escalation procedure that documents the process for escalating outstanding financial deliverables; following the pre-existing process employed by OSP In the coming months, additional guidance will be published to supplement the policy and provide further details for navigating the various processes around post-award and closeout. In the meantime, the [existing procedures and guidance](/files/sponsored_financial_reporting_and_closeout_procedure-october2016.pdf) will remain posted as reference while the new guidance is being developed. Please see the [Closeout and Reporting Policy for Sponsored Awards](/closeout-and-reporting-policy-for-sponsored-awards) for school related contacts. Note 1: The processes for managing and escalating non-financial reports is still being discussed, and once these processes are developed and implemented, they will be updated in the policy and guidance.