Recommended Best Practices in Research Fund Management Ebunoluwa Aderonke Adejuyigbe Prof of Paediatrics and Child Health Obafemi Awolowo University, Ile-Ife, Nigeria

Introduction Research Grant Peer-reviewed research funding Generally, not design as income generating some positions are sustained by grants Grants provide money and other resources to aid and assist organizations in funding and completing projects

Introduction Funders are varied Multi-lateral bodies-WHO, UNICEF, USAID Governments: DFID, TETFund, Research Africa, NIH Non-governmental organizations: foundations, special interest groups, Social Science groups Multinationals

The budget spells out project costs A good budget is constructed around the project plan Project plan is built around what you need to do to get the job done The budget should reflect the spending you need to do to get the job done

Budgeted items Specific equipment costs that can’t be met from existing equipment; hire, borrow or buy Project maintenance eg consumables (lab consumables, survey costs, postage, catering for workshops, incentives for participants) requires detailed planning Travel & Accommodation (car hire, airfares, taxi, per diem, accommodation) where do I need to go and how long do I need to be there? Capacity building: training needs Build in some contingency and the University’s 10% overhead.

Re-budgeting If approved budget allocations not consistent with actual project needs. Request formal reallocation of funds from one spending category to another category . All re-budgeting should be reviewed may or may not require formal approval from the sponsor. an unobligated balance on a grant may be carried over into the next budget period without sponsor approval What if I don’t get the amount I asked for? Redo the budget based on your revised plans Options include: Reduce the aims of the project Reduce the number of participants Reduce the number of sites Reduce the number of experiments Find alternative ways to reduce the budget A reduction in scope - may require the agreement of the funding agency

Research Fund management There are responsibilities Institution Recipient

Research Fund management: Recipient 1 Read the detailed Agreement and understand it before signing Mindful of the type of grant and the funder. Foreign donors are different from local donors Donors stipulates their reporting requirements Grant Managers especially Financial Managers are critical People tend to manage grants as personal funds.

Research Fund management: Recipient (2) Budget for your time put in some % of your time into the funds Charge for weekends Prevents sharp practices Budget appropriately for facilities including vehicles Budget for driver, fuel and maintenance

Research Fund management: Recipient (3) Budget for Personnel Where you have feasibility move funds from one heading to another. Expenditure should relate to achievement of the project aims Should be in the original budget

Research Fund management Recipient (4) Follow in Follow in-built check and balances by funders Create Create REPORTING system – keep to the terms Some have milestones and they do not bother with your spending Reconcile Reconcile accounts on a regular basis help you to ensure that expenditures and revenues are within appropriate limits and guidelines.

Research Fund management: Recipient (5) Budget for the person handling the account Financial accounting in most cases is an afterthought Asset register is necessary Operate project voucher so that the release of funds is tied to a request Avoid managing research grants as personal funds

Recipients Research Fund management: Institution 1 Supportive environment Help to develop budget Help in financial reporting Release funds on time Dedicated desk Officer for each Grant institutional payment is made to compensate the role the university is playing Create problem by holding up to funds Disrupt timeline Financial procedure too tedious and affects timeline so not able to achieve Recipients Research Fund management: Institution 1

Research Fund management: Institution (2) Institution to report on expenditure of funds some will require an auditors report . Should VAT AND TAX be deducted after 10% overhead? Should 10% be deducted from every funds released? Create problem by holding up to funds Disrupt timeline Financial procedure too tedious and affects timeline so not able to achieve

Research Fund management: Institution (3) As long as no laws broken, allow them to move fast The need to have a software for the management of the funds Negotiate rate of conversion of foreign funds Be realistic Some equipment are to be bought with foreign currency Create problem by holding up to funds Disrupt timeline Financial procedure too tedious and affects timeline so not able to achieve

Conclusion Opportunities come with Grants Reinvest savings you make Be fair to your staff – do not get big budget and pay peanuts. Budget is an estimate but critical implementation is necessary. The real work is to be done Be kind to those that are working with you