As part of the closeout process, the Final Figure is the cumulative amount of expenditures agreed upon by the PI/Department/Local Level Managing Unit and OSP Research Finance for each subactivity of a sponsored fund. The Final Figure confirmation provides assurances that all expenditures are allowable, allocable, reasonable, and in compliance with the sponsor’s terms and conditions. For awards that require final invoicing and final financial reporting, the Final Figure is the amount that OSP Research Finance invoices or reports to the sponsor. OSP Research Finance enters the Final Figure in GMAS, which initiates the closeout process for each subactivity to disable in the GL at that amount.
Reconciliation and Final Figure
Sponsored expenditures are fully reconciled when the unique sponsored “activity-subactivity” combination meets the following criteria:
- Final Figure Equals Cumulative GL Expenditures
- Cumulative GL Expenditures and Income (including any Non-Operating Transfers) Net to Zero