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RESEARCH CONTRACTS SEMINAR

RESEARCH CONTRACTS SEMINAR. 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. AUDIT REQUIREMENTS - SPECIFIC.

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RESEARCH CONTRACTS SEMINAR

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  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

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