1. 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 MOBILE PHONE:

2. 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

3. 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

4. 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

5. 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

6. 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

7. 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

8. 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

9. 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:
CBN Branch Address: Zenith Bank (UK) Ltd.
39, Cornhill
London
EC3V3ND
United Kingdom
Tel No: +44(0)
Fax: (0)
Swift Code: ZE1BGB2
Euro Account
Name: CBN Obafemi Awolowo University, Ile-Ife EUR
Account Number:
Currency: EUR
Pounds Sterlin Account
Name: CBN Obafemi Awolowo University, Ile-Ife GBP
Account Number:
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.

10. 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

11. 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

12. 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.

13. 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.

14. 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

15. 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

16. 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

17. 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.

18. 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.

19. 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

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

21. THANK YOU FOR LISTENING!