All reports related to a federal award are due no later than 90 calendar days after the end date of the period of performance. These include all technical, patent, financial (including subaward) reports and invoice payments. Federal agencies emphasize that they will not allow cash draws on awards after 90 days, except in exceptional cases, as approved by the agency.
MIT’s central offices, in collaboration with DLC representatives, are working to streamline closeout procedures. To avoid having to cover costs, DLC administrators should monitor awards throughout the life of the project and eliminate incorrect or unallowable charges. Subawardees must complete reports in a timely manner and PIs need to prioritize the completion of all final reporting.
Visit the VPF WBS Closeout Highlights page for DLC best practices on monitoring projects through the life of the award and on minimizing potential closeout issues.
For more information on Financial Closeouts, contact Tim Vacha [email] in Sponsored Accounting / VPF.
For more information on Equipment & Property Closeouts, contact Michael McCarthy [email] in the Property Office / VPF.