For a comprehensive overview of the closeout process, see the tutorial in the last step below.
In keeping with the requirement of Uniform Guidance, Sponsored Accounting submits all Final Financial Reports (FFR) to the appropriate awarding agency within the 90 or 120 days allowed, depending on the sponsor’s deadline. Expenses that are not in SAP prior to submission cannot be included in the FFR.
If a sponsor is requesting an FFR by a specific deadline and all expenses will not post by the deadline, please contact wbscloseout@mit.edu for further assistance.
When one of your DLCI’s federal sponsored accounts expires, VPF’s Sponsored Accounting team conducts a preliminary audit of the account to confirm that it complies with applicable guidelines. The team will send an email to confirm this account is ready to close and include any necessary action items. Review a typical Sponsored Accounting Closeout Notification.
If any account is ready to close, please e-mail wbscloseout@mit.edu to request closeout.
Take immediate action to resolve all outstanding issues. Review the Research Administration Services (RAS) page Sponsored Research Projects Accounting Closeout Process for tips and guidance.
Respond to the Sponsored Accounting Closeout Notification within 10 business days. If you do not respond by this deadline, the Sponsored Accounting team will send a reminder/notification that it will close the account within five business days.
If you don’t respond to this second notification, the team will close the account and allocate any outstanding expenses to your DLCI’s general or discretionary account. Review a sample Closeout Follow-Up (Second Notification).
As each sponsor has different reporting requirements, Sponsored Accounting will work with Research Administration Services (RAS), the project sponsor, and the DLCI to complete the closeout process by submitting any required final financial reporting as detailed in Kuali Coeus.
Award terms often state what should be done with unexpended funds at closeout. If unspent funds must be returned, Sponsored Accounting will process the refund to the Sponsor as part of the closeout process.
If the award is listed as a firm fixed price agreement in KC, funds do not have to be returned to the sponsor. VPF uses the fixed price closeout procedure at closeout.
Foundations generally have specific requirements for unexpended funds. If the agreement terms do not address it, Sponsored Accounting will ask the RAS Contract Administrator for guidance.
Tutorial
For a comprehensive overview of the closeout process, watch this tutorial.
The Details
In keeping with the requirement of Uniform Guidance, Sponsored Accounting submits all Final Financial Reports (FFR) to the appropriate awarding agency within the 90 or 120 days allowed, depending on the sponsor’s deadline. Expenses that are not in SAP prior to submission cannot be included in the FFR.
If a sponsor is requesting an FFR by a specific deadline and all expenses will not post by the deadline, please contact wbscloseout@mit.edu for further assistance.
When one of your DLCI’s federal sponsored accounts expires, VPF’s Sponsored Accounting team conducts a preliminary audit of the account to confirm that it complies with applicable guidelines. The team will send an email to confirm this account is ready to close and include any necessary action items. Review a typical Sponsored Accounting Closeout Notification.
If any account is ready to close, please e-mail wbscloseout@mit.edu to request closeout.
Take immediate action to resolve all outstanding issues. Review the Research Administration Services (RAS) page Sponsored Research Projects Accounting Closeout Process for tips and guidance.
Respond to the Sponsored Accounting Closeout Notification within 10 business days. If you do not respond by this deadline, the Sponsored Accounting team will send a reminder/notification that it will close the account within five business days.
If you don’t respond to this second notification, the team will close the account and allocate any outstanding expenses to your DLCI’s general or discretionary account. Review a sample Closeout Follow-Up (Second Notification).
As each sponsor has different reporting requirements, Sponsored Accounting will work with Research Administration Services (RAS), the project sponsor, and the DLCI to complete the closeout process by submitting any required final financial reporting as detailed in Kuali Coeus.
Award terms often state what should be done with unexpended funds at closeout. If unspent funds must be returned, Sponsored Accounting will process the refund to the Sponsor as part of the closeout process.
If the award is listed as a firm fixed price agreement in KC, funds do not have to be returned to the sponsor. VPF uses the fixed price closeout procedure at closeout.
Foundations generally have specific requirements for unexpended funds. If the agreement terms do not address it, Sponsored Accounting will ask the RAS Contract Administrator for guidance.
Tutorial
For a comprehensive overview of the closeout process, watch this tutorial.
