Contract Closeout - Procedures

Introduction

As required by the Federal Acquisition Regulation (FAR) 4.804 and/or 42.708, all contracts must be closed if a contract has been completed.

Contract closeout procedures may be straightforward or complicated depending on the contract type. Contract closeout requires coordination between Finance and Accounting Group (F&A), Contracts Group, and respective management and the government entity that administers the contract.

The overall contract closeout process consists of six areas as described in the contract closeout document. These are listed below along with the responsible departments/organizations.

1. Closeout initiation – Contracts 2. Document collection and Verification – F&A Closeout 3. Financial Analysis – F&A Closeout 4. Subcontractor Release – Contracts/Subcontracts 5. Closeout package creation - Contracts 6. US Government Certification and Archiving – US Government

Definitions/Acronyms

ACO Administrative Contracting Officer

ACRN Accounting Classification Reference Number

CA Contract Administrator

CACS Contract Audit Closing Statement

CLIN Contract Line Item Number

CPAF Cost-Plus-Award-Fee

CPFF Cost-Plus-Fixed-Fee

CPIF Cost-Plus-Incentive-Fee

DCAA Defense Contract Audit Agency

DCMA Defense Contract Management Agency

DFAS Defense Finance and Accounting Service

FAD Final Acceptance Date   FDD Final Delivery Date

FFP Firm-Fixed-Price

F&A Finance and Accounting

FY Fiscal Year

GFE Government Furnished Equipment

GFM Government Furnished Material

GFP Government Furnished Property

IDIQ Indefinite Delivery Indefinite Quantity

MOCAS Mechanization of Contract Administration Services

MOD Modification

PCO Procuring Contracting Officer

PO Purchase Order

POC Point of Contact

POP Period of Performance

T&M Time and Material

ULO Unliquidated Obligation