After a research account terminates, the Sponsored Accounting department within the Vice President for Finance Office performs a closeout analysis, which is a review of the account activity over its lifetime.
If open items need DLCI action after the closeout audit, Sponsored Accounting will send a Notice of Closeout Action to the MIT DLCI associated with the account. The DLCI has 10 days to respond to the issues noted on the action notice. Problems might include items such as: subcontract issues, prepaid expenses for pre- or post-termination charges, open purchase order commitments, and over-expended or under-expended balances.
Sponsored Account Closeout Procedures
- Review account activity for inappropriate charges
- Perform account audit
- Complete Salary Distribution worksheet
- Complete F&A worksheet
- Complete Reconciliation worksheet
- Send audit report to the department
- Send Final Report to the sponsor