Financial Reporting

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

The program administrator is responsible for preparing financial reports based on MIT’s financial records while ensuring expenses are in accordance with the terms and conditions of the agreement and MIT policies. The financial reports should be submitted to the sponsor as specified by the agreement.

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

Before entering the agreement, the ICC negotiation team will assist you to understand local regulatory requirements and reporting requirements.

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