research grants and contracts what we do. research grants - pre award salary costings salary...
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Research Grants And ContractsWhat We Do
The Team
Research Grants O ffice r(Tam er Abdel-W ahab)
E x t. 06 73
Research Grants O ffice r(Sally M attin)
E x t. 01 59
Research Grants O ffice r(N arinder Kaur)
E x t. 01 68
Research Grant O fficer(Vacant)E x t. 03 76
F inance Assistan tM ujde Kocayig it
E x t. 01 61
Lisa PayneC redit C ontro ller
E x t. 06 21
Managem ent Accountant(T racy Banton)
E x t. 01 71
Senior M anagem ent Accountant(Lorra ine D avison)
Research Grants - Pre award
salary costingssalary costings
advice on other costs to be includedadvice on other costs to be included
advice on overheadsadvice on overheads negotiation with pharmaceutical companies on negotiation with pharmaceutical companies on
priceprice
authorisation by Lorraine Davison
IBF from Research Grants
reviewed by Business Manager
IBF original & copy to RG for
checking & logging
salary costing -
RG
non salary costs RG
salary costing?
no
yes
grant giving body call for
proposalsPre Award
Research Grants - Post Award
award letter or contract must be received and award letter or contract must be received and matched to applicationmatched to application
new grant code allocated if paper work new grant code allocated if paper work completecomplete
subjectives linked to grant codesubjectives linked to grant code
Post Award (cont)
budget set up on system to reflect awardbudget set up on system to reflect award
notification of new award sent by RGnotification of new award sent by RG
authorisation signatories obtained and copy authorisation signatories obtained and copy sent to Bought Ledgersent to Bought Ledger
start certificate signed off as appropriate, start certificate signed off as appropriate, once grant commencesonce grant commences
Reporting on Grants reports for each grant sent via email (EasGen) reports for each grant sent via email (EasGen)
or for direct access (Eas)or for direct access (Eas) two report typestwo report types
transaction - lists type of expenditure/incometransaction - lists type of expenditure/income budget - shows total budget and spend on grant budget - shows total budget and spend on grant
to dateto date notify your Finance Assistant on any Easgen & notify your Finance Assistant on any Easgen &
Eas updatesEas updates new grants will automatically be added to each new grants will automatically be added to each
grant holder’s listgrant holder’s list on return of signature on return of signature sheetsheet
Reporting to Funders
Financial statements are prepared by Research Financial statements are prepared by Research Grants on the following basis:-Grants on the following basis:- MRC - interim statement mid point and end MRC - interim statement mid point and end
of grant.of grant.final claim deadline - 3 months final claim deadline - 3 months
after after end of grantend of grant DOH -DOH - annually on calendar year. annually on calendar year.
final claim deadline - 3 mths after final claim deadline - 3 mths after end of grant end of grant
Reporting to Funders (cont.)
Wellcome - qtly claims and end of grantWellcome - qtly claims and end of grant
final claim deadline - 6 final claim deadline - 6 mths mths after end of grantafter end of grant
Others - Others - as per individual rules and as per individual rules and regulationsregulations
Other Points
final financial statement must be signed off by final financial statement must be signed off by Budget Holder before being sent to Award Budget Holder before being sent to Award Body (if applicable)Body (if applicable)
no expenditure can be committed after end of no expenditure can be committed after end of grant (invoices will still be processed after this grant (invoices will still be processed after this date)date)
only relevant expenditure can be made against only relevant expenditure can be made against grant awardgrant award
Developments DatabaseDatabase
which provideswhich 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
Developments (cont.) Salary Costing Software PackageSalary Costing Software Package
which provideswhich provides
full project costing if required
standard format
fast accurate & comprehensive costings
flexible, to allow for various scenarios
Departmental Grant Administration
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
Budgetary Control TipsExpenditure 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) [email protected]
Budgetary Control TipsExpenditure (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
Budgetary Control TipsGeneral Issues
all amounts over £10,000 must be authorised by two appropriate signatories
Financial Regulations contains succinct information on finance issues
Budgetary Control TipsIncome 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
Budgetary Control TipsGeneral 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
Other Financial Considerations
Capital Expenditure
James Wrigg, Procurement Director, KCL 020 7848 3445, [email protected]
web addresses of KCL Procurement
www.kcl.ac.uk/ip/marymussett/purchase/col-polintro.html
www.kcl.ac.uk/ip/marymussett/purchase/MPDPintro.html
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
Capital Expenditure (cont.)
MRC need to have invoice(s) for
capital equipment over £25,000
Wellcome insist on authorisation by
James Wrigg for items over £1,000
MRC & Wellcome
Capital Expenditure (cont.)
computer equipment < 25,000€
(£15,530) 3 years
computer equipment > 25,000€ 5 years
all other capital – over 5 years
EU Regulations - depreciation
Resource Allocation
introduced 1st August 2000introduced 1st August 2000
54% overheads received on grants flow direct 54% overheads received on grants flow direct to Head of Departmentto Head of Department
provides real control for Head of Department provides real control for Head of Department over their budgetsover their budgets
Head of Department has discretion on whether Head of Department has discretion on whether to accept a grant award where optimum level to accept a grant award where optimum level of overheads has not been obtainedof overheads has not been obtained
KCL Enterprises Ltd Consultancy to advise on commercial
contracts-Intellectual Property Rightsnegotiation on Contract PricingTeam - Malcolm Sims, Susan Jacobs, Paul Labbett
before approaching Team, discuss with Senior Management
Accountant
The EndThe End