Academic Managers Meeting Review of FRET Policy September 27, 2012
Topics to Cover • Definition • Sources of Funds for FRET • Disbursements from FRET • General Rules • Participating in pooled investment fund
Definition • Faculty Research and Education Trusts (FRETs) are separate funds where the principal plus any interest is to be used for restricted purposes as defined by the "Guidelines for Faculty Research and Education Trusts "
Sources of Funds for FRET • Donations • Residual balance remaining on research contracts or other projects that may produce residual income that has been transferred through the Operating Fund from research and contracts • Waived entitlements transferred for extra teaching stipends and special session stipends
Disbursements from FRET Expenditures from these funds are intended to enrich the academic activities of the University to a level that may not be possible through the use of funds available from other sources.
Disbursements from FRET • Examples: • Equipment and other resources necessary for optimal functioning of the Department, School or Faculty but not available from the University budget or research granting agencies. • Seed money for faculty research. • Fellowships, bursaries and other student awards. • Faculty travel related to research and other academic activities, but not available from the University budget or research grants.
Disbursements from FRET • Examples (con’t) • Receptions, luncheons or similar functions of a public relations nature. • Faculty retreats or similar workshops or conferences designed to meet educational objectives of faculty members • Publication of annual reports and faculty brochures, approved in accordance with the University policy on publications and for which there may not be adequate provision in the University budget.
General Rules • Expenditures under $5,000 may be approved by the Dean, Director or Principal. • Expenditures over $5,000 will require the approval of the Vice-President (Academic) • All staff members have the same right to apply for use of the funds. • No payments from these accounts for salary, wages, or any form of honoraria unless prior arrangements have been made with the Dean/Director who has ascertained that these payments are in support of research.
General Rules • Under no circumstances will any funds be paid as salary, wages or honoraria to anyone who has previously waived entitlement to the funds. • Any equipment, etc., purchased with these funds is at all times the property of Memorial University of Newfoundland. • No continuing commitments are to be made from these funds.
Participating in pooled investment fund • Funds only enter the pool at the beginning of the quarter • Funds come out of the pool at the end of the quarter • Recommend cash flow projection yearly if planning to withdraw/invest significant funds
Link to full policy • http://www.mun.ca/policy/site/policy.php?id=144