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Research Grants And Contracts What We Do

Research Grants And Contracts What We Do. Research Grants - Pre award. salary costings advice on other costs to be included advice on overheads negotiation with pharmaceutical companies on price. grant giving body call for proposals. Pre Award. IBF from Research Grants.

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Research Grants And Contracts What We Do

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  1. Research Grants And ContractsWhat We Do

  2. Research Grants - Pre award • salary costings • advice on other costs to be included • advice on overheads • negotiation with pharmaceutical companies on price

  3. grant giving body call for proposals Pre Award IBF from Research Grants salary costing - RG yes salary costing? no non salary costs RG IBF original & copy to RG for checking & logging reviewed by Business Manager authorisation by Lorraine Davison

  4. Research Grants - Post Award • award letter or contract must be received and matched to application • new grant code allocated if paper work complete • subjectives linked to grant code

  5. Post Award (cont) • budget set up on system to reflect award • notification of new award sent by RG • authorisation signatories obtained and copy sent to Bought Ledger • start certificate signed off as appropriate, once grant commences

  6. Reporting on Grants • reports for each grant sent via email (EasGen) or for direct access (Eas) • two report types • transaction - lists type of expenditure/income • budget - shows total budget and spend on grant to date • notify your Finance Assistant on any Easgen & Eas updates • new grants will automatically be added to each grant holder’s list on return of signature sheet

  7. Reporting to Funders • Financial statements are prepared by Research Grants on the following basis:- • MRC - interim statement mid point and end of grant. final claim deadline - 3 months after end of grant • DOH - annually on calendar year. final claim deadline - 3 mths after end of grant

  8. Reporting to Funders (cont.) • Wellcome - qtly claims and end of grant final claim deadline - 6 mths after end of grant • Others - as per individual rules and regulations

  9. Other Points • final financial statement must be signed off by Budget Holder before being sent to Award Body (if applicable) • no expenditure can be committed after end of grant (invoices will still be processed after this date) • only relevant expenditure can be made against grant award

  10. Developments • Database which provides • reports to Institute/King’s Board on grant applications/awards/overheads • reports for business planning - grant details, financial profiles over grant life • and various other management reports

  11. Developments (cont.) • Salary Costing Software Package which provides • full project costing if required • standard format • fast accurate & comprehensive costings • flexible, to allow for various scenarios

  12. Departmental Grant Administration

  13. Overall Grant Control • administrators’ need to flow funds of award over total years of grant • implications of spend against total budget • day-to-day monitoring of income/expenditure/personnel/variances • consider if action is required - if so - discuss with Grant Holder & Research Grants

  14. Budgetary Control Tips Expenditure • ensure orders raised in Department • match order with invoice • invoices - stamped, approved, coded sent to Bought Ledger, JCMB • VAT exemption rules • queries on invoices to Bought Ledger, JCMB • 020 7848 3255 (Help line) • boughtledger@kcl.ac.uk

  15. Budgetary Control Tips Expenditure (cont.) • importance of accurate coding • use of journals for transfer of expenditure via Research Grants • recommend control of expenditure by spreadsheet: • list orders.. invoices amount check to monthly report

  16. Budgetary Control Tips General Issues • all amounts over £10,000 must be authorised by two appropriate signatories • Financial Regulations contains succinct information on finance issues

  17. Budgetary Control Tips Income • cheques to be paid to Cashiers – Room 5.33 JCMB • importance of accurate coding • BACS payments (direct to bank) - importance of accurate coding and referencing details to Funder • check income receipts against monthly reports

  18. Budgetary Control Tips General Issues • all invoices to Funders must be raised by Research Grants • all advice remittances must be sent to Cashiers - JCMB • all requests for payments outside the UK must made on green forms and sent to Spencer Pritchard ext. 3290 at Cashiers, JCMB - normally takes 7 days for transactions to be processed

  19. Other Financial Considerations

  20. Capital Expenditure • James Wrigg, Procurement Director, KCL 020 7848 3445, james.wrigg@kcl.ac.uk • web addresses of KCL Procurement • www.kcl.ac.uk/ip/marymussett/purchase/col-polintro.html • www.kcl.ac.uk/ip/marymussett/purchase/MPDPintro.html

  21. Capital Expenditure (cont.) • KCL Financial Regulations • up to £2,000 - 1 or 2 quotations as appropriate • between £2,001 and £3,000 - 2 quotations • between £10,000 and £30,000 - 3 quotations • over £30,000 formal tendering • funding bodies currently reviewing procurement policy

  22. Capital Expenditure (cont.) MRC & Wellcome • MRC need to have invoice(s) for capital equipment over £25,000 • Wellcome insist on authorisation by James Wrigg for items over £1,000

  23. Capital Expenditure (cont.) EU Regulations - depreciation • computer equipment < 25,000€ (£15,530) 3 years • computer equipment > 25,000€ 5 years • all other capital – over 5 years

  24. Resource Allocation • introduced 1st August 2000 • 54% overheads received on grants flow direct to Head of Department • provides real control for Head of Department over their budgets • Head of Department has discretion on whether to accept a grant award where optimum level of overheads has not been obtained

  25. KCL Enterprises Ltd • Consultancy to advise on commercial contracts- • Intellectual Property Rights • negotiation on Contract Pricing • Team - Malcolm Sims, Susan Jacobs, Paul Labbett • before approaching Team, discuss with Senior Management Accountant

  26. The End

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