Research Grants And Contracts What We Do

1. Research Grants And ContractsWhat We Do

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

4. 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

5. 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

6. 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

7. 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

8. 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

9. 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

10. 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

11. 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

12. 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

13. Departmental Grant Administration

14. 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

15. 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

16. 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

17. 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

18. 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

19. 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

20. Other Financial Considerations

21. 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

22. 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

23. 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

24. 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

25. 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

26. 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

27. The End