What is the final step of the grant cycle?

The final step of the grant cycle being the final payment is crucial to ensuring that all financial obligations are met. This step typically occurs after all activities have been completed, and it signifies the end of the grant's financial commitment from the granting agency. The final payment serves as a means to ensure that the grantee has fulfilled all requirements outlined in the grant agreement and that any remaining funds are disbursed properly.

The significance of the final payment lies in its role in closing out the financial aspects of the grant, which often requires proper documentation and compliance to be in place beforehand. This payment ensures that the project or program funded by the grant can conclude properly, allowing all parties to have a clear understanding of the financial closure of the project.

While documentation submission, project evaluation, and closure of project accounts are all important components in managing a grant, they typically occur prior to the final payment. The final payment represents a culminating action that confirms that the grant's objectives have been either met or assessed, allowing for the complete closure of the grant cycle.