The Project Coordinator, in consultation with the Project Manager and Resource Analyst, is responsible for financial closeout of the project. When assigned, a Project Controls Analyst may also be involved in the financial closeout process. The major steps in financial closeout are as follows:
Upon Final Completion, the Project Manager will request via email from the Procurement Subcontract Administrator all retention to be released. Note: retention is not requested through an invoice from the Subcontractor; it can only be accomplished by an email request from the Procurement Subcontract Administrator to LBNL Accounts Payable.
- Verification that all project costs have been recorded and there are no outstanding charges for: change orders on purchase orders; remaining liens, recurring charge items (phone, IT); blanket order charges (inspection, surveys); end-of-project costs such as Project Manager and Project Coordinator effort on closeout.
- Following verification of no outstanding accruals, closure of all project Work Orders in Maximo that have not already been closed.
The Resource Analysts performs the following steps:
- Verifies that total project costs are within the funding limit.
- Verifies that there are no outstanding accruals.
- Closes project IDs in Financial Management System (FMS).
- Emails the Project Manager and Project Coordinator informing them that the project is closed.
Chapter 10 of the DOE Accounting Handbook requires that the total cost of a line item or general plant project, or of an operative unit within a project, shall be closed to the completed PACE accounts from the Construction Work in Progress account as close to the date of beneficial occupancy as possible, but generally not to exceed 6 months after each operative unit is placed in full service. The standard for financial closeout of DCM projects is 90 days from beneficial occupancy.
7.5.1 Subcontractor Notice Of Completion
The Project Manager will notify the Procurement Subcontract Administrator when all work, including punchlist work, is complete on the project, and submit the fully executed Project Construction Complete Review. Once the fully executed form is received by the Procurement Subcontract Administrator, he/she will complete and record the Notice Of Completion with the County. The Procurement Subcontract Administrator will manage the 30 day (sometimes 90 day) lien period. Once the lien period has expired, the Procurement Subcontract Administrator will initiate the release of any remaining retention amounts.
7.5.2 Final Release Received From Subcontractor
The Procurement Subcontract Administrator will forward an Assignment & Release Form to the subcontractor for signature. The Procurement Subcontract Administrator will forward a copy of the signed release to the Project Manager for inclusion in the project files.
7.5.3 Walkthrough With DOE
The Project Director will schedule a walkthrough of the completed project with the Department of Energy (DOE) Federal Project Director from the Berkeley Site Office (BSO). The walkthrough will be attended by the Project Director and Project Manager. For Line Item and IGPP Projects, DOE requires project completion documentation submittals (refer to DOE Order 413.3B).
7.5.4 Capitalization
Following completion of the project, the Resource Analyst prepares a Facilities Division Construction Capitalization Recap Form (the second page of PACE Project Life Cycle Form) for review and approval by the Project Manager. The Project Manager is responsible for confirming that project costs have been properly distributed into the correct capitalization categories and that the amounts accurately reflect the actual project costs. The standard for the Project Manager to complete this process is 30 days after beneficial occupancy.
Leasehold improvements shall be capitalized as shown in the Capitalization Decision Grid, this section. Capitalization forms shall be completed and submitted to General Accounting upon completion of a capital project.
Refer to Appendix L, Financial Policies.
Capitalization Decision Grid
7.5.5 Plant and Capital Equipment Reporting
Capital-funded projects (GPE, GPP and IGPP) require Plant and Capital Equipment (PACE) reporting. For these projects the PACE Project Life Cycle Form must be completed at project opening. Refer to Appendix L, Financial Policies.
