1. 1 Financial Management Training Research Finance

2. Pre-award finance administration

3. 3 Focus on Research Grants Lifecycle pre-award Pre-award finance administration Application and costing Write research proposal ApprovalSubmissionNotification Contract / Letter of Offer Approved RGAS form (research grant application summary)

4. 4 Resources required Application and costing Write research proposal

5. 5 Cost versus Award Value What’s the difference? Directly Incurred Costs Directly Allocated Costs Indirect Costs FEC Full economic cost Directly Incurred Costs ? ? Award Value

6. 6 Different Types of Costs What falls into each category? Directly linked to the project. If you did not undertake the research the University would not incur these costs. Directly incurred costs Not directly linked to one specific project but are related to research. These costs are calculated based on making certain assumptions about the nature of the costs. Directly allocated costs Cannot be directly linked to a research project but are necessary to run the University. Indirect costs salary of an additional researcher, laboratory consumables, travel costs share of PI/CI time contribution to all other central overheads e.g. support functions, estates

7. 7 Approach to costing Once you have FEC…. Funder Income TemplateSummary Information Use pFACT to calculate FEC Input direct costsInput staff time pFACT calculates indirect/estates costs Costing principle FEC, applying TRAC principles

8. 8 pFACT How does it work in practice? University’s web based research costing system What is it?

9. 9 FEC vs Award Value Example

10. 10 Cost versus Award Value The importance of Full Economic Costing FEC Award Value Should we continue with application? RGAS form

11. 11

12. 12 Focus on Research Grants Lifecycle pre-award Pre-award finance administration Application and costing Write research proposal Approval SubmissionNotification Contract / Letter of Offer Approved RGAS form Accept - RAF Decline

13. 13 Reporting of Research Application Activity Systems used Finance Dashboard Academic CV Research Grants Database PURE

14. 14 Finance Dashboard Research Applications

15. 15 Finance Dashboard Research Applications

16. 16 Finance Dashboard Research Awards

17. 17 Finance Dashboard Research Awards

18. 18 Focus on Research Grants Lifecycle pre-award Pre-award finance administration Application and costing Write research proposal Approval SubmissionNotification Contract / Letter of Offer Approved RGAS form Accept – RAF Decline

19. 19 Research Award Form

20. 20 Putting it all together FEC/Award Value/Budget

21. 21 Putting it all together FEC/Award Value/Budget * With the exception of equipment funded at 50% of FEC

22. 22 Putting it all together FEC/Award Value/Budget shortfall in funding of direct costs £75,000 * With the exception of equipment funded at 50% of FEC

23. 23 Putting it all together FEC/Award Value/Budget * With the exception of equipment funded at 50% of FEC transfer £75,000

24. 24 Putting it all together FEC/Award Value/Budget * With the exception of equipment funded at 50% of FEC

25. 25 RAF