1. RESEARCH CONTRACTS SEMINAR

2. AUDIT REQUIREMENTS - GENERAL  INTERNAL AUDIT – variable – University Procedures and Regulations  ERNST & YOUNG – annual – accounting practice and record keeping etc  AUDIT COMMITTEE – on request  TAX AUTHORITIES – periodic – on request

3. AUDIT REQUIREMENTS - SPECIFIC  Each grant or contract awarded will have specific financial conditions  Audits undertaken by …….  Important to understand the contract and financial conditions  EC; Government departments; Research Councils; Regional bodies

4. MATTERS EUROPEAN  Can be complicated due to variance in rules and regulations  Framework Programme – now on Framework 7  Non Framework Programme contracts ie Asia-Link; Tempus; ERDF; Leonardo etc  Totally different payment mechanisms  Currency variation

5. FRAMEWORK PROGRAMMES  Some differences introduced in Framework 7  EC will pay 75% of accepted costs  At the moment overheads at 60%  PI costs now accepted if supported by timesheets  VAT

6. VAT ON RESEARCH  Normal VAT situation  General Research situation – non recoverable  Some exceptions  However this is a changing situation

7. INVOICING AND REPORTING MATTERS Invoicing  A legal document – statutory information required  Must be recorded in University ledgers – audit requirement  University record – issued by Finance Office

8. INVOICING AND REPORTING MATTERS Reporting  Many sponsors have their own individual claim forms that require to be completed  Contracts can have different reporting schedules or requirements  Regularly we have to adapt our records into a format required by sponsor  Cash flow can be affected

9. SCHOLARSHIPS/STUDENTSHIPS  These can only be paid to registered, full time students – tax reasons  Have to be renewed each year  Withdraws must be notified  Can pay up to £15K each year tax free without having to notify the Tax Office  Up to a 9 month writing up period allowed

10. OTHER SERVICE RENDERED  Everything apart from Research  Non RAE attributal  Different accounting processes and procedures  Surpluses are taxable  Variable VAT treatment