Why do departments only have 45 days after the end date of a project to prepare a closing memo for a project that has ended?
The Research/Cost Accounting Department has the full responsibility for financial reporting to sponsors. There are a vast number of reports due monthly and the Research Accountants (RA) are required to meet all sponsor reporting deadlines. Due to the volume of reports, RAs need the remaining 45 days to complete all work. In extenuating circumstances, departments may request an extension of days from their Research Accountant, however, even with an approved extention, closing reports should always be sent before 65 days after closing.
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