Follow sponsor requirements and MIT processes when closing out an award. To begin closing out an award, DLCIs should email wbscloseout@mit.edu. Once the request is received, the VPF Sponsored Accounting Team will follow the WBS closeout process, notifying the DLCIs of required actions.
During closeout, the VPF Sponsored Accounting Team will notify RAS when accounts can be closed. Some awards may require additional review by a contract administrator before they are closed.
Reporting and Documents
Some types of reports are prepared with or submitted by central Institute administrative offices. However, the PI ultimately has responsibility for timely submission.
DLCIs may also receive closeout documents from the sponsor to route to other offices, or invoices and final reports from subawards. Work with your CA to understand whether RAS requires a copy of these documents.
Unexpended Funds
Award terms often state what must be done with unexpended funding (and accrued interest, if applicable) at closeout. If you have questions, your RAS CA can verify the terms of the award. If funds do not have to be returned to the sponsor, VPF uses the fixed price closeout procedure.
Foundations may have specific requirements for unexpended funds.
After Closeout
Retain financial records according to the terms of the award and MIT policy.
If project-related expenses are incurred after closeout, contact your RAS CA.
If a no-cost extension is granted after the project closes, contact your RAS CA as soon as possible to reopen accounts. However, no-cost extensions are usually granted before the award ends.
Updated September 30, 2024