The FAR team oversees the Institute’s general ledger accounting system and manages the monthly, quarterly, and year-end closing of the Institute’s books. The team maintains compliance with federal regulations and accounting standards and serves as a community resource for training and continuous improvement in business processes and procedures.
Organized into six major areas of responsibility, Financial Accounting and Reporting oversees the following financial activities: G/L Operations & Financial Reporting, Endowment Accounting & Reporting, Global Accounting & Reporting, Research and Financial Reporting, Benefits/Pension Financial Reporting, and Accounts Receivable (AR) and Cashier Services.
G/L Operations is responsible for SAP Master data maintenance and sets up profit centers, cost objects, and GL accounts, approves JVs, and implements enhancements to the SAP system. FAR also administers the Financial Review and Control tool to support DLCs in their monthly financial reviews.
FAR manages the annual income distribution to individual endowed gift funds, as well as the monthly income distribution and unit purchases for new gifts and pledge payments received during the fiscal year.
This team prepares MIT’s annual Report of the Treasurer, and the federal A-133 Report and provides information for other key financial filings. They prepare and analyze financial reports on MIT’s research and publish the annual Report of Sponsored Research Activity, aka The Brown Book. In addition, the FAR team prepares reports related to MIT’s benefit plans and prepares filings for the Department of Labor to ensure compliance with federal requirements.
FAR also consults with DLCs on a wide range of financial activities and is frequently called upon for its expertise on accounting and reporting structures and up-to-date knowledge on financial reporting regulations. As the Institute expands its growing roster of international projects, the team keeps pace and supports MIT’s increasingly complex financial accounting and reporting requirements for new enterprises and global engagements.