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Financial Management Training Research Finance

Financial Management Training Research Finance. Research Finance. What will we cover?. Introduction to The Research Finance Office. Research at Queen’s Corporate Plan 2011-2016 Objectives. Research & Enterprise/Research Support Office The Support Provided.

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Financial Management Training Research Finance

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  1. Financial Management Training Research Finance

  2. Research Finance

  3. What will we cover?

  4. Introduction to The Research Finance Office

  5. Research at Queen’sCorporate Plan 2011-2016 Objectives

  6. Research & Enterprise/Research Support OfficeThe Support Provided

  7. Research & Enterprise/Research Finance OfficeThe Support Provided In relation to applying for research funding…if you…. Need to identify potential sources of funding R&E Need assistance with writing a funding application, legal/contractual issues etc. • Pre and post-award financial advice • Applying governance process • Claims and financial reporting process Confirm that meet eligibility criteria for funding RFO Build cost for research application

  8. Focus on Research Grants Lifecycle pre-award Pre-award finance administration

  9. Pre-award administrationWho is involved? • Contracts and IP • Governance and Ethics • KTP business & networks • Research Policy RSO Research & Enterprise

  10. Focus on Research Grants Lifecycle post-award Financial Management Post-award finance administration Research and Output

  11. Post-award administrationParties involved

  12. Post-award administrationLink to wider Finance Directorate

  13. Pre-award finance administration

  14. Focus on Research Grants Lifecycle pre-award Pre-award finance administration Approved RGAS form (research grant application summary)

  15. Write research proposal Resources required • Application and costing

  16. Cost versus Award ValueWhat’s the difference?

  17. Different Types of Costs What falls into each category? • salary of an additional researcher, laboratory consumables, travel costs • share of PI/CI time • contribution to all other central overheads e.g. support functions, estates

  18. Approach to costing

  19. pFACT How does it work in practice?

  20. FEC vs Award Value Example

  21. FEC • Award Value Cost versus Award ValueThe importance of Full Economic Costing Should we continue with application? RGAS form

  22. Focus on Research Grants Lifecycle pre-award Pre-award finance administration Accept - RAF Decline Approved RGAS form

  23. Reporting of Research Application Activity Systems used Research Grants Database Finance Dashboard PURE Academic CV

  24. Finance Dashboard Research Applications

  25. Finance Dashboard Research Applications

  26. Finance Dashboard Research Awards

  27. Finance Dashboard Research Awards

  28. Focus on Research Grants Lifecycle pre-award Pre-award finance administration Accept – RAF Decline Approved RGAS form

  29. Research Award Form

  30. Putting it all together FEC/Award Value/Budget

  31. Putting it all together FEC/Award Value/Budget * With the exception of equipment funded at 50% of FEC

  32. Putting it all together FEC/Award Value/Budget shortfall in funding of direct costs £75,000 * With the exception of equipment funded at 50% of FEC

  33. Putting it all together FEC/Award Value/Budget transfer £75,000 * With the exception of equipment funded at 50% of FEC

  34. Putting it all together FEC/Award Value/Budget * With the exception of equipment funded at 50% of FEC

  35. RAF

  36. Post-award finance administration

  37. Focus on Research Grants Lifecycle post-award Financial Management Post-award finance administration Research and Output

  38. Project set-up R code

  39. Agreeing the budget Where the money goes pay non- pay o/heads

  40. Managing your research budgets Who does what?

  41. How to manage your research budgets What reports are available?

  42. Sample reports Research Management

  43. Sample reports Research Management

  44. Claims process How is income profiled? • There are a number of ways that sponsors can profile income….

  45. Claims process Audit and vouching • Typically RFO need to prepare claims or issue invoices to the sponsor • Sponsor needs to confirm that costs are real, actual and relevantto the project • The level of audit and vouching of claims depends on the sponsor, ranging from • Visiting University every 3-4 years for ~1 week to test systems etc., looking for evidence that well equipped to manage funds • Requiring an independent audit on each claim which is then verified by the sponsor and may be subject to further audit

  46. Summary – key points Pre-award finance administration

  47. Summary – key points Post-award finance administration

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