Financial Reporting

All financial reports should reflect MIT’s official accounting records. The Principal Investigator (PI) is ultimately responsible for monitoring the financial aspects of the sponsored project and must ensure accuracy of the financial information.

Working with the PI, the program administrator will prepare financial reports based on MIT’s financial records, while ensuring expenses are in accordance with the terms and conditions of the agreement as well as MIT policies. The financial reports should be submitted to the sponsor as specified by the collaboration agreement.

Certain sponsored agreements may require supplemental financial reports in an atypical format. VPF Financial Accounting and Reporting and the Office of Sponsored Programs (OSP) can assist the program administrator during early implementation to ensure that projects are structured properly in Kuali Coeus and that reports can be generated in either SAP or COGNOS to meet both internal and external financial reporting requirements.

In addition, the ICC negotiation team can assist you to understand and prepare for local regulatory and reporting requirements as the collaboration agreement is being developed.

Contact the ICC if you receive any request from the local country about regulatory and/or compliance questions.