Project Closeout Template - Virgina
ITRM Guideline CPM 110-01
Date: January 23, 2006
Section 5: Project Closeout
5-6
Facilities - If the project team has occupied agency facilities for a long period of time
during the project, it is a good idea to let the controlling facilities personnel know that the
space used for the project will become available again. Be sure to check facilities
guidance documentation to determine whether changes made to the project team area
(structure, equipment, or technical modifications) are the responsibility of the project
team after the project is complete. Returning the facility and equipment to its original
state could add unanticipated cost and manpower to a project.
Financial Account Closure - Financial closure is the process of completing and
terminating the financial and budgetary aspects of the project. Financial closure includes
both (external) contract closure and (internal) project account closure. All expenditures
must be accounted for and reconciled with the project account. When financial closure is
completed, all expenditures made during the project have been paid as agreed to in
purchase orders, contracts, or inter-agency agreements.
Contract closure is the process of terminating contracts with external organizations or
businesses. These contracts may be vehicles for providing technical support, consulting,
or any number of services supplied during the project that the agency decided not to
perform with internal resources. Contracts can be brought to closure for a variety of
reasons, including contract completion, early termination, or failure to perform. Contract
closure is a typical but important part of project management. It is a simple process, but
close attention should be paid so that no room is left for liability of the agency.
In order to close a contract it is important to collect all of the pertinent documentation for
review. This will include all of the or iginal contracts and supporting documentation such
as schedules, contract changes, and performance reports. This documentation needs to be
reviewed thoroughly to ensure there are no unrealized contract issues that could result in
legal liability. A thorough review of the procurement and contracting documents must
include contract milestones, services provided or deliverables and documentation
delivered.
To formally close a contract, the agency provides the contracted company or organization
with a formal written notice stating the completion of the contract and reason for
termination. Standard verbiage for acceptance and closure is usually found in the original
contract itself.
It is also a good idea to keep a comp lete set of contractual records for the project in a safe
and accessible place in case they need to be referenced at any point in the future.
Lessons Learned
Lessons learned are the documentation of the experience gained during a project. These
lessons come from working with or solving real-world problems. Lessons learned
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