As a grant approaches the end of its period of performance, organizations must decide how to proceed based on project outcomes and future goals. Federal grant recipients typically consider closeout, continuation, or renewal, each with distinct requirements and implications.
Key Insights
- Closeout involves completing final reporting and compliance tasks within one year after the period of performance concludes.
- Continuation requires a new application and performance review to extend the existing project, allowing ongoing work under a new grant cycle.
- Renewal serves as an amendment that adds funding to the original grant, necessitating updated documentation and forms, including a progress report and revised budget.
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So your grant is ending. The period of performance has come. You have three main options.
You can close out the grant, informal conclusion of the grant, finalizing and reporting compliance, and once the period of performance ends, you have one year to effectively close out a grant. You can be extended, or you can offer a continuation of a grant. This allows a project continuation, requires a new application, and a review of past performance.
Or another option is the renewal of a grant, an amendment. It adds federal funding to an existing grant project, requires a detailed progress report, updated budget, a new statement of work, and a new round of federal financial reporting forms. Key considerations at the end of the period of performance, which once again signal the end of a grant.
How did the grantee perform? Did they achieve their objectives and goals? You want to evaluate the agency for being an effective steward of the grant. Additionally, once again, are continuations and renewals allowed to be considered to extend a grant or continue a new round of funding? The key point is you need to choose the appropriate option. You need to choose the appropriate option before the grant ends.
When do you start having this discussion? The last interim report before the final report is due is when you, as a grantee or a grantor, have the discussion on how the grant will either come to an end, continue, or renew at the end of the period of performance.