(Sec. 2) This bill directs the Office of Management and Budget (OMB) to instruct the head of each federal agency (excluding Congress, U.S. courts, and the governments of U.S. territories or possessions and the District of Columbia), in coordination with the Department of Health and Human Services (HHS), to submit to Congress and HHS, not later than December 31 of the first calendar year beginning after enactment of this Act, a report that: (1) lists each covered grant held by such agency; (2) provides the total number of covered grants, including the number of grants by time period of expiration, with zero dollar balances, and with undisbursed balances; (3) describes the challenges leading to delays in grant closeout; and (4) for the 30 oldest covered grants, explains why each covered grant has not been closed out. Agencies may use existing multiagency data systems to prepare their reports. Agency heads who are unable to submit all required information must include an explanation in their reports of why the information was not available, including any shortcomings with and plans to improve existing grant systems, including data systems.

Agencies must provide notice to HHS within one year after the agency head submits the report required by this Act, specifying whether grant awards associated with all of the covered grants have been closed out. HHS must compile and report to Congress on such notices not later than 90 days after all of the required notices have been provided, or by March 31 of the calendar year following the first calendar year beginning after enactment of this Act, whichever is sooner. The Inspector General of each agency with more than $500 million in grant funding must conduct a risk assessment to determine if an audit or review of the agency's grant closeout process is warranted. The OMB must submit to Congress a report on recommendations for legislation to improve accountability and oversight in grants management, including the timely closeout of a covered grant.

The bill defines "covered grant" to mean a grant in a federal agency cash payment management system held by the U.S. government for which: (1) the grant award period of performance, including any extensions, has been expired for at least two years; and (2) the grant has not been closed out.

(Sec. 2) This bill directs the Office of Management and Budget to instruct the head of each federal agency (excluding the Congress, U.S. courts, and the governments of U.S. territories or possessions and the District of Columbia), in coordination with the Department of Health and Human Services (HHS), to submit to Congress and HHS, by not later than December 31 of the first calendar year beginning after enactment of this Act, a report that: (1) lists each covered grant held by such agency; (2) recommends which of such grants should be closed out; and (3) explains why a covered grant has not been closed out. Agencies may use existing multiagency data systems to prepare their reports.

Agencies must provide notice to HHS within one year after the the agency head submits the required report, specifying whether grant awards associated with all of the covered grants have been closed out. HHS must compile and report to Congress on such notices not later than 90 days after all of the required notices have been provided, or by March 31 of the calendar year following the first calendar year beginning after enactment of this Act, whichever is sooner.

The bill defines "covered grant" to mean a grant in a federal agency cash payment management system held by the U.S. government for which: (1) the grant award period of performance, including any extensions, has been expired for at least two years; and (2) the grant has not been closed out.

Requires the Office of Management and Budget (OMB) to instruct the head of each federal agency, in coordination with the Department of Health and Human Services (HHS), to submit to Congress and HHS, by December 31 of the first calendar year beginning after this Act's enactment, a report that: (1) lists each covered grant held by the U.S. government; (2) recommends which of such grants should be closed; and (3) explains why a covered grant has not been closed out.

Directs each agency head: (1) within one year after submitting such report, to notify HHS regarding whether grant awards associated with all of the covered grants have been closed out; and (2) within 90 days after notifying HHS, to so notify Congress.

Defines "covered grant" to mean a grant in a federal agency cash payment management system held by the U.S. government for which: (1) the grant award period of performance, including any extensions, has been expired for at least two years; and (2) the grant has not been closed out.