B-15. Closing of Special Accounts
Indiana University policies relating to accounting administration require that account managers and supervisors are faculty or staff who are designated as exempt employees. Therefore, upon termination of employment (resignation, retirement, etc.) any person who was an account manager or supervisor prior to termination can no longer maintain that responsibility. In most situations, a replacement faculty or staff member is appointed to be the account manager or supervisor, and the account continues to function.
There are some circumstances (contracts and grant accounts) in which the departure of the account manager necessitates closing the account. It is recognized that there may be activity in process at the time that the account manager departs. In this case, the account will remain active for not more than six months. It is the account supervisor’s responsibility to insure that all appropriate transactions have been processed. At the time that the account is closed, any remaining balances will revert to the granting agency.