Closeouts

Cost Centers

• Close out any open purchase orders and requisitions;
• Contact your budget officer to move any budgeted amounts out of the cost center, and to request that the cost center be closed;
• If you’re not sure who your budget officer is, contact Rob Slauzis.

Fund and Other Orders

• Make sure the “cumulative” balance is zero;
• Contact CAO-cost-objects@mit.edu, to request a close out;
• The Sponsored Projects Accounting group (SPNA) can assist in resolving problems with EB and F&A caused by changes in rates from year to year.

WBS (Funds, Research, and Other)

• SPNA audits each sponsored project after the project end date;
• When the audit is complete, SPNA contacts department staff with any findings by email or phone;
• SPNA makes the necessary entries to correct for any audit findings (F&A adjustments, post term charges, pre-effective date charges, etc.);
• SPNA submits the final financial report to the sponsor and closes out the project (term code 3, mail code 5).