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Full Economic Costing

Full Economic Costing. Four Main Categories of Cost Directly Incurred Directly Allocated Indirect Exceptional. Full Economic Costing. Directly Incurred Costs Costs which are specific to the project, i.e. would not be occur if the grant did not exist

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Full Economic Costing

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  1. Full Economic Costing Four Main Categories of Cost • Directly Incurred • Directly Allocated • Indirect • Exceptional

  2. Full Economic Costing Directly Incurred Costs • Costs which are specific to the project, i.e. would not be occur if the grant did not exist • Current equivalent being full time staff salaries, travel, consumables

  3. Full Economic Costing Directly Allocated Costs • These are shared costs, i.e. costs which are shared over several grants or services. • These will also include PI salaries, as these are shared often between teaching and research (over various projects).

  4. Full Economic Costing Directly Allocated Costs (cont’d) • Shared facilities – these can comprise of facilities , e.g. animal house, equipment etc • This cost is currently being calculated by the relevant department and is normally based on the cost of maintaining/running on an hourly basis.

  5. Full Economic Costing Directly Allocated Costs (cont’d) • Estates Costs – these are calculated through TRAC and are applied to each project depending on the number of full time equivalent research staff and the length of the project. • These costs relate to the cost of running the estate, e.g. repairs to buildings etc

  6. Full Economic Costing Indirect Costs • These costs are applied in exactly the same way as the Estates costs, i.e. are calculated through TRAC and are applied to each project depending on the number of full time equivalent research staff and the length of the project. • They are similar to the current overhead costs. • They relate to the cost of running central dept’s, e.g. HR, RGFO etc.

  7. Full Economic Costing Exceptional Costs • There are currently two main categories of costs. • Student Fees & Maintenance Costs. • Equipment costs > than £50,000. • These costs are recovered at 100% from the research councils. • Whereas all the other cost categories are only recovered at 80%.

  8. Full Economic Costing • fEC Working Year • 1650 hours in a year • 7.5 hours in a day • 37.5 hours in a week • 44 weeks in a year • 220 days in a year

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