[Code of Federal Regulations]

[Title 24, Volume 1]

[Revised as of April 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 24CFR84.71]



[Page 500]

 

                 TITLE 24--HOUSING AND URBAN DEVELOPMENT

 

PART 84_UNIFORM ADMINISTRATIVE REQUIREMENTS FOR GRANTS AND AGREEMENTS 

WITH INSTITUTIONS OF HIGHER EDUCATION, HOSPITALS, AND OTHER NON-PROFIT 

ORGANIZATIONS--Table of Contents

 

                 Subpart D_After-the-Award Requirements

 

Sec.  84.71  Closeout procedures.



    (a) Recipients shall submit, within 90 calendar days after the date 

of completion of the award, all financial, performance, and other 

reports as required by the terms and conditions of the award. HUD may 

approve extensions when requested by the recipient.

    (b) Unless HUD authorizes an extension, a recipient shall liquidate 

all obligations incurred under the award not later than 90 calendar days 

after the funding period or the date of completion as specified in the 

terms and conditions of the award or in HUD instructions.

    (c) HUD shall make prompt payments to a recipient for allowable 

reimbursable costs under the award being closed out.

    (d) The recipient shall promptly refund any balances of unobligated 

cash that HUD has advanced or paid and that is not authorized to be 

retained by the recipient for use in other projects. OMB Circular A-129 

governs unreturned amounts that become delinquent debts.

    (e) When authorized by the terms and conditions of the award, HUD 

shall make a settlement for any upward or downward adjustments to the 

Federal share of costs after closeout reports are received.

    (f) The recipient shall account for any real and personal property 

acquired with Federal funds or received from the Federal Government in 

accordance with Sec. Sec.  84.31 through 84.37.

    (g) In the event a final audit has not been performed prior to the 

closeout of an award, HUD shall retain the right to recover an 

appropriate amount after fully considering the recommendations on 

disallowed costs resulting from the final audit.