Financial guidelines on research funds PAPER DELIVERED AT A SYMPOSIUM ON RESEARCH FUND MANAGEMENT    FOR     RESEARCHERS   OF OBAFEMI AWOLOWO UNIVERSITY, ILE-IFE     ORGANISED BY     University Research Office      DELIVERED BY   MRS. J. ADERONKE AKEREDOLU B.Sc. (Acct.), MBA, ACA, AICPA, ACTI, CPA, MNIM BURSAR BURSARY DEPARTMENT, OBAFEMI AWOLOWO UNIVERSITY, ILE-IFE EMAIL: bursar@oauife.edu.ng ronke@oauife.edu.ng ainakeredolu@yahoo.com MOBILE PHONE: +2348034731488

Introduction/Course Description Introductory notes. Introduction Strict Adherence to the rules and regulations guiding the conduct of Internal and External Research under the umbrella of Federal Government and in line with the donors’ guidelines is a must! Important for Researchers to control/ manage external funds and resources with: a sense of accountability. and transparency

Table of Content Introduction Project Accounts Why? Coding Who? Audit Beginning course details and/or books/materials needed for a class/project. Introduction Why? Who? What ? Which ? How? Admin charge Agreement Budget Project Accounts Coding Audit Acceptance Allocation Disbursement Expenditure

Objectives and Results Objectives for instruction and expected results and/or skills developed from learning. Objectives To guide Researchers with the operations of Bursary Department, OAU with regards to research matters. To assist them in every area of financial interaction for better communication and service on financial issues address reasons for the challenges faced in processing research funds through the Bursary. To address reasons for the challenges faced in processing research funds through the Bursary. To enlighten the members of the community on the principles guiding the management of funds in OAU. Results Management of research without stress

What are the types of Research Internal External TETFund Terms Relative vocabulary list. Who is a Researcher Mostly academicians who in addition to full-time teaching carry out researches. What are the types of Research Internal External TETFund Which directorate/division in Bursary deals with Research Grants and Agency division Directorate of Grants and Information

University Research Committee Procedures A list of procedures and steps, or a lecture slide with media. University Research Committee Coordinates Internal Research activities in the Institution. Approves and disburses Internal Research funds Central University Research Office Office under the Bookshop

Procedures Research Proposal A list of procedures and steps, or a lecture slide with media. Research Proposal Vice-Chancellor’s approval must be obtained for external Research proposal by the Researcher. Adminstrative Charge At the stage of proposal writing, there should be a mark-up of10% to the total project cost estimate for administrative purpose

Procedures Research Agreement External Research: A list of procedures and steps, or a lecture slide with media. Research Agreement External Research: All research agreement/contract forms (MOUs) must be duly completed, signed by the Vice- Chancellor/representative and others according to the terms of contract. Copy to be delivered to the Bursar/and her representative with a copy of the VC’s approval. Budget Every Researcher must operate spending profile according to the approved budget. Expenditure must be within the budget. A copy of the approved budget must be submitted to the Bursar/representative

PROCEDURES CONT’D Project Accounts: Research fund should be transferred to he University’s Dom account with the CBN under TSA Accounts details: Dollar Account Name: CBN Obafemi Awolowo University, Ile-Ife USD Account Number: 00020082 CBN Branch Address: Zenith Bank (UK) Ltd. 39, Cornhill London EC3V3ND United Kingdom Tel No: +44(0)2071053950 Fax: +44(0)20710539999 Swift Code: ZE1BGB2 Euro Account Name: CBN Obafemi Awolowo University, Ile-Ife EUR Account Number: 00020083 Currency: EUR Pounds Sterlin Account Name: CBN Obafemi Awolowo University, Ile-Ife GBP Account Number: 00020084 Currency: GBP Evidence of transfer should be forwarded to the Bursar for confirmation No more dedicated accounts for individual projects any longer Project Code Each research project is allocated a unique accounting codes separate ledgers opened for ease of monitoring, record keeping and accountability.

PROCEDURES CONT’D Internal Audit All research payments are pre-audited Audit query is raised in case of there are irregularities. Although, there are instances when post- audit are done Acceptance of research grant Internal Research- URC approves External research -VC approves Tetfund- VC approves

Procedure Cont’d Research Allocation: Internal Research now funded through IGR once in a year. External research funded by external donors Tetfund funded by the Agency Disbursement of Research grants Spending strictly according to approved spending profile Fund transfer must be confirmed in the University’s account. For internal research URC must approve

All payments shall be processed via the Central Bank of Nigeria. EXPENDITURE Spending from the research grants shall be done in line with the approved spending profile of the Researcher. PAYMENTS: All payments shall be processed via the Central Bank of Nigeria.  COMMITMENT CARD: The Bursary shall receive letters of allocation on Internal Research Evidence of transfer of funds for External research into the University’s Domiciliary Account at the Central Bank of Nigeria. The Cash Office must issue a receipt in respect of such funds.   SIGNATURE CARDS : Every Researcher must submit signature specimen card Used to identify the authorized signatory to all financial documents sent to Bursary PURCHASES: Research purchases shall be made via the use of Local Purchase Order (LPO) for direct purchase or Combined Requisition and Issued Voucher (CRIV) through the Central Stores or Cash Advance as the case may be.  

EXPENDITURE CONT’D UNABLE-TO-PROCESS CASH ADVANCE : Not all payment documents received by the Bursary Department are processed. Some may be returned to the Researcher with “Unable- to Process” form stating the reasons for the return. This may be due to unauthorized signatories, lack of supporting documents, incorrect filling of forms, improper coding etc. No research project shall be processed under the reason of lack of funds. VIREMENT: Virement is the transfer of funds from either one vote to another or from one object code to the other. In the case of Internal Research, the approval must be from the URC while with External Research, the approval of the donor is needed or the research agreement is adhered to. CASH ADVANCE : Where it is necessary to obtain cash advance on emergency and rare cases, the Researcher is expected to complete cash advance application form duly signed by the Project Leader for approval by the Bursar. Each applicant must adhere strictly to the conditions stipulated on the cash advance.

EXPENDITURE CONT’D The University Bursar gives final approval for further processing. NIGHT CLAIM AND KILOMETER ALLOWANCE: For Internal Research and TETFUND research grants, night claim and kilometer allowance shall be paid according to the current University rates. . For External Research grants, if different rates are recommended in the research agreement and approved or accepted by the Vice-Chancellor, such rates shall be used for the disbursement of the research grant

EXPENDITURE CONT’D RESEARCH ASSISTANTS Research Assistants shall be paid through their nominated banks via e-payment. Researchers are expected to submit the Expenditure Authorization and Approval (EAA) form duly signed and approved by the Project Leader including other relevant documents

MOTOR VEHICLE/EQUIPMENT All motor vehicles purchased with research grants shall be duly registered in the name of the University and shall be inspected by the Internal Audit. After the completion of the research project, the vehicle shall be returned to URC’s vehicle pool or treated according to the research agreement. EQUIPMENT: All equipment purchased with research grant shall be recorded in the Department/Unit’s Asset Register and be subjected to audit inspection

REPORT WRITING REPORT WRITING: The Researcher shall write quarterly or annual reports of the project as required by the URC or the external donor or TETFUND as the case may be; while the University Bursar writes the Financial Report of the External Research project as stated in the research project’s agreement. Please, note that each project has its stated report-writing format which must be adhered to.

EXTERNAL AUDIT/EVALUATION AND MONITORING EXTERNAL AUDIT/EVALUATION & MONITORING: External Research projects have designated External Auditors and independent professionals who embark on periodic evaluation and monitoring activities of the projects. TETFUND Officers also visit the University for Oversight Functions.

COMPLETION OF THE RESEARCH Conclusion to course, lecture, et al. COMPLETION OF THE RESEARCH: At the completion of the research, the URC shall inform the University Bursar and the Director of Audit. The Researcher shall inform the donor in

Questions/Discussions An opportunity for questions and discussions. Question ?

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