Timely closeout of sponsored accounts is essential to MIT’s compliance with sponsored agreements. Here’s how you can help manage the process.

Complete outstanding account compliance issues

When one of your DLC’s sponsored accounts expires, VPF’s Sponsored Accounting team conducts an audit of the account to confirm that it complies with applicable guidelines. If the team finds any outstanding compliance issues, it will send you an email with a list of issues that require your attention. Review a typical Sponsored Accounting Closeout Notification.

Take immediate action to resolve all outstanding issues. Review the Office of Sponsored Projects: Sponsored Research Projects Accounting Closeout Process for tips and guidance.

Notify Sponsored Accounting of resolved items

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 DLC’s general or discretionary account. Review a sample Closeout Follow-Up (Second Notification).

A Sponsored Accounting team member will work with the Office of Sponsored Programs and the project sponsor to complete the closeout process.

The Details

Complete outstanding account compliance issues

When one of your DLC’s sponsored accounts expires, VPF’s Sponsored Accounting team conducts an audit of the account to confirm that it complies with applicable guidelines. If the team finds any outstanding compliance issues, it will send you an email with a list of issues that require your attention. Review a typical Sponsored Accounting Closeout Notification.

Take immediate action to resolve all outstanding issues. Review the Office of Sponsored Projects: Sponsored Research Projects Accounting Closeout Process for tips and guidance.

Notify Sponsored Accounting of resolved items

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 DLC’s general or discretionary account. Review a sample Closeout Follow-Up (Second Notification).

A Sponsored Accounting team member will work with the Office of Sponsored Programs and the project sponsor to complete the closeout process.

Did You Know?

When a sponsor’s F&A (facilities and administration) costs are less than the current MIT negotiated research rate, Institute policy requires you to treat the difference as underrecovery.
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