The timely closeout of Sponsored Accounts is critical to the Institute's compliance with the terms of sponsored agreements and to carrying out best practices in sponsored accounts management.
Sponsored Accounting follows a standard closeout notification process to ensure consistency in the timing and presentation of closeout information. The standard process was designed to provide departments, labs, and centers (DLCs) with clear guidelines and timelines for addressing items requiring attention prior to closing.
Below are the steps in the MIT closeout notification process:
Standard Closeout Notifications and Actions
- Sponsored Accounting audits the account after the account expires.
- Sponsored Accounting emails DLC staff members and details actions that are required before closeout. Note: Sponsored Accounting will make every attempt to send this initial email within thirty days after an account has expired. View sample email.
- DLCs have 10 business days to respond to this initial email.
- If there is no response to the initial email, Sponsored Accounting sends a second email to DLC staff members indicating that the account will be closed in five (5) business days. View sample email.
- If there is no response from the DLC within five (5) business days, Sponsored Accounting allocates any outstanding expenses to the DLC general or discretionary account. Prior to taking this action, Sponsored Accounting notifies the DLC in advance that the charge will be processed.
- Once all issues are resolved, a Sponsored Accounting representative prepares the necessary documents and works with Research Administration Services (RAS) and the sponsor to complete the closeout process.
MIT Commitment to Compliance
The standard closeout notification process supports MIT's ongoing commitment to compliance with sponsor contractual requirements. Final reports are generally due 90 days after the end of a sponsored project, and Sponsored Accounting is committed to achieving 100% timely closeouts.