End of Year SVOG Updates from SBA:
Close Out
· Over half of Grantees have completed closeout!
· Grantees will receive their Closeout Notification Letter once closeout is complete. Important Post-Award requirements such as document retention periods are spelled out in that notification.
· Reminder: Helpful information, including instructions how to return Interest earned in excess of $500, is outlined on the SVOG website under the Additional information about closeout section.
· Remaining recipients left to close out are generally pending Monitoring review, Audit Report review, reconciliation of returned unspent funds, or have not yet submitted their SF-425.
Monitoring
· It is important to remember that Monitoring is a multi-step process. Grantees should not be concerned if they receive multiple action items related to monitoring. If grantees believe they are receiving duplicate requests, they should connect with their Grant Management Specialist to confirm what is being requested. This will help ensure that the requested information is being provided, which should help reduce overall processing time.
· Recipients will receive a “No Additional Action Needed” letter notifying them they have completed Monitoring.
· Files that have been cleared of monitoring will be moved to closeout soon, as long as all other barriers to closeout have been addressed (Audit Reports, Unspent funds, etc.).
Audit
· Audit Reviews will commence soon, likely continuing through the Spring.
· Reminder that audits are due within 9 months of the end of the recipient’s Fiscal year. Grantees that are subject to this requirement must complete their audits within this period and either upload them to the Federal Audit Clearinghouse or the SVOG Grantee Portal, depending on their individual requirements.
· If grantees are ready to upload their Audit Report, they may reach out to their GMS for the Audit Action item to upload their report.