GrantHub has both an Awarded and an Awarded-Closed status to separate awarded grants into 2 groups. Awarded are grants that have been awarded, and you are still in the grant term. They are still active - with reports or other tasks that are incomplete. Some clients want to split them into a 2nd group, called 'Awarded-Closed'. This indicates that the grant has been completely used, the term is complete and there are no more active tasks that still need to be done. This is almost like archiving the grant.
You do not have to use the 'Awarded-Closed' status. If you do not need to distinguish between them, then keep marking them as Awarded and don't use 'Awarded-Closed'.
However - you may need to create a list or report of grants that are still 'active', that still are in their grant term and still need final reports tasks, etc. to complete before you are done with your commitments to the funder. If this is the case, then you will want to utilize the 'Awarded-Closed' status to mark the ones that are complete. So when you run a report on 'Awarded' opportunities - you only get the ones that are still active.