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Open Encumbrances

The Principal Investigator (PI) or his/her designee should periodically monitor encumbrances and communicate any problems with the appropriate department (such as Purchasing or Accounts Payables).

All encumbrances to be liquidated should be cleared within 60 days of the award expiration date to ensure their inclusion on the final financial report. All open commitments have to be liquidated or closed in order to close an account in Banner.

The PI should continue to monitor all accounts, whether they are past the end date or not, to ensure that commitments are properly closed out.