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	  <concept id="GSAM_504_804_5"
            ditaarch:DITAArchVersion="1.2"
            class="- topic/topic concept/concept ">
		    <title class="- topic/title ">
         <ph class="- topic/ph " props="autonumber">504.804-5</ph> Procedures for closing out contract files.</title>
		    <conbody class="- topic/body  concept/conbody ">
			      <ol id="d100e13" class="- topic/ol ">
				        <li class="- topic/li ">
					          <p id="d99e17" class="- topic/p ">
                  <ph props="autonumber" class="- topic/ph ">(a)</ph>  <i class="+ topic/ph hi-d/i ">Contracting
Officer Responsibilities Upon Evidence of Physical Completion.</i> Upon
receipt of evidence of physical completion of a contract, the contracting
officer must, within 14 calendar days, ensure input of the status
of “physically complete” (or similar) into any contract administration
and/or financial systems applicable to the contract.</p>
				        </li>
				        <li class="- topic/li ">
					          <p id="d99e26" class="- topic/p ">
                  <ph props="autonumber" class="- topic/ph ">(b)</ph>  <i class="+ topic/ph hi-d/i ">Contracting
Officer Responsibilities To Reconcile Financial Balances of Physically
Completed Contracts.</i>
               </p>
					          <ol class="- topic/ol ">
						            <li class="- topic/li ">
							              <p id="id21719600R5Z" class="- topic/p ">
                        <ph props="autonumber" class="- topic/ph ">(1)</ph> Upon
receipt of evidence of physical completion of a contract (including
those contracts using simplified acquisition procedures), the contracting
officer must, within 14 calendar days, determine if any outstanding
financial balance exists. The contracting officer may request, as
needed, information from the Office of the Chief Financial Officer (OCFO).</p>
						            </li>
						            <li class="- topic/li ">
							              <p id="id217196090Y4" class="- topic/p ">
                        <ph props="autonumber" class="- topic/ph ">(2)</ph> The
contracting officer must reconcile any outstanding balances (<i class="+ topic/ph hi-d/i ">e.g.</i>,
through discussing final billings with contractors, descoping, deobligating
funds, cancelling the contract in whole or in part, or terminating
the contract in whole or in part, as applicable). The contracting
officer must then take the necessary corrective actions to resolve
such financial balances, in coordination with OCFO as needed.</p>
						            </li>
						            <li class="- topic/li ">
							              <p id="id2171960A0HS" class="- topic/p ">
                        <ph props="autonumber" class="- topic/ph ">(3)</ph> Contracting
officers must notify OCFO within 30 days of receipt of evidence
of physical completion, of all known or anticipated excess financial
balances remaining that meet or exceed $100,000, that have not previously
been communicated to OCFO through other means such as regular OCFO
data calls. Excess financial balances are any known or anticipated
financial balances after receipt and payment of the final invoice
or billing from the contractor (<i class="+ topic/ph hi-d/i ">e.g.</i>, the amount expected
remaining to be deobligated or descoped by the contracting officer).</p>
						            </li>
					          </ol>
				        </li>
			      </ol>
		    </conbody>
	  </concept>
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