Common use of Subaward Closeout Clause in Contracts

Subaward Closeout. 1. The closeout of the Federal Award, or this Subaward, does not affect any of the following: a. The right of the Federal Awarding Agency or the County to disallow costs and recover funds on the basis of a later audit or other review. The Federal Awarding Agency or County must make any cost disallowance determination and notify the Subrecipient within the record retention period. b. The requirement for the Subrecipient to return any funds due as a result of later refunds, corrections, or other transactions including final indirect cost rate adjustments. c. The ability of the Federal Awarding Agency to make financial adjustments to a previously closed award such as resolving indirect cost payments and making final payments. d. Audit requirements in 2 CFR Part 200, Subpart F (or, for HHS awards: 45 CFR Part 75, Subpart F). e. Property management and disposition requirements in §§ 200.310 through 200.316 of 2 CFR Part 200 (or, for HHS awards: 45 CFR §§ 75.316 through 75.325). f. Records retention as required in §§ 200.334 through 200.338 of 2 CFR Part 200 (or, for HHS awards: 45 CFR §§ 75.361 through 75.370). 2. After closeout of the Federal Award, or this Subaward, a relationship created under the Federal Award, or this Subaward, may be modified or ended in whole or in part with the consent of the Federal Awarding Agency or the County and the Subrecipient, provided the responsibilities of the Subrecipient, including those for property management as applicable, are considered and provisions made for continuing responsibilities of the Subrecipient, as appropriate.