(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. DOL may
approve extensions when requested by the recipient.
(b) Unless DOL 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 agency implementing
instructions.
(c) DOL 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 DOL 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, DOL
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 Secs. 95.31 through 95.37.
(g) In the event a final audit has not been performed prior to the
closeout of an award, DOL retains the right to recover an appropriate
amount after fully considering the recommendations on disallowed costs
resulting from the final audit.
