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CORPORATE FINANCE (RESEARCH) PRESENTATION. Darlington Centre, 13 February 2008. Agenda. Introduction Gift Policy P/G Scholarships RIBG &DVC Research funding 2008 HERDC process Changes to research invoicing NHMRC acquittals Changes to ARC payments ARC acquittals. Gift Policy.

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Corporate finance research presentation

CORPORATE FINANCE (RESEARCH)PRESENTATION

Darlington Centre,

13 February 2008


Agenda
Agenda

  • Introduction

  • Gift Policy

  • P/G Scholarships

  • RIBG &DVC Research funding

  • 2008 HERDC process

  • Changes to research invoicing

  • NHMRC acquittals

  • Changes to ARC payments

  • ARC acquittals


Gift policy
Gift Policy

  • Presentation by Greg O’Dea, Director, Advancement Services

  • Development Office


Post graduate scholarships
Post Graduate Scholarships

  • Presentation by Prof. Masud Behnia

  • Dean of Graduate Studies




Pg research scholarship
PG Research Scholarship

Scholarships200620072008 (estimate)

APA 150 153 163

EIPRS 31 31 34

UPA/FF 40 41 55

UPA/CF 40 48 110

USIRS 13 31 30

USIFS - 9 30

VCRS - 2 20

NHMRC 32 24 24

Bequest funded 21 38 38

APAI 15 10 10

Faculty/school/research

grant/external organisation 102 112 112

TOTAL COMMENCING 444 499 626


Scholarships dollars cents
Scholarships - Dollars & Cents

  • APA - about $20,000/yr, size of grant from Canberra for new & continuing = $9,625,715

  • EIPRS – Canberra pays tuition, size of grant for new & continuing = $1,795,058 & we pay a stipend of $20,000/yr, total = $680,000 (commencing)

  • UPA – we pay a stipend of about $20,000/yr, total = $M2.2 (commencing)

  • USydIS – Centre pays either 50% of tuition or a stipend, Faculties pay 50% of tuition or stipend, total = $2.8 (estimate commencing)

  • VCRS – we pay $30,000/yr, total = $600,000 (commencing)


Pipeline effect
Pipeline Effect

  • The duration of scholarships for Masters by Research is 2 years and for PhD 3 years (may be extended to 3.5)

  • Most of our scholarships are for PhD students, therefore this creates a very expensive pipeline effect on our scholarship investments

  • Our estimated expenditure on PG research scholarships is about $M34/year


Success rate 2008 domestic
Success Rate 2008 - Domestic

  • The scholarship ranking guidelines have been changed to attract quality domestic research students

  • We are somewhat meeting the demand for scholarships but we need more

  • The success rate of the quality applicants in the three faculty clusters is high and about the same


RIBG

  • Will be distributed this month

  • We will send guidelines with the funding

  • Please distribute income ASAP:

    • Allows recipients to spend in a timely manner

    • Against legislation to spend prior year’s until approved


RIBG

The RIBG Grant must be used only for any one or more of the following purposes:

  • non-capital aspectsof facilitiessuch as libraries, laboratories, computing centres, animal houses, herbaria, experimental farms;

  • equipment purchase, installation, maintenance, hire and lease;

  • salaries of research support staff(including research assistants; accounting and administrative staff; and technicians) employed to provide general support activity in a given area (e.g. a research assistant providing support for a number of research projects but not a research assistant dedicated to a particular project);

  • provide for travel costs to allow participation in international consortia.


RIBG

The RIBG Grant must not be used for:

  • capital works (i.e. construction of buildings);

  • rental of accommodation;

  • salaries of teaching and research, and research-only academic staff (including the cost of ‘buying time’ to free such staff to do more research);

  • salaries of staff supporting research at the institutional level (e.g. Deputy Vice-Chancellor (Research), Research Grants Officer);

  • stipends of postgraduate research students; or

  • travel costs directly associated with individual projects with the exception of travel costs to allow participation in international consortia.




What is herdc
What is HERDC?

Higher Education Research Data Collection

  • Requirement by DEEWR for all HEPs to complete the data return annually

  • Determines future funding in RTS/IGS, APA, CTS, RIBG

  • Two returns - Research Income and Research Publications

  • RO manages publications – questions to Kerry Legge x66481



Herdc return
HERDC RETURN

  • Research Income

    • Category 1: Australian Competitive Grants (Note: ACGR is not released yet)

    • Category 2: Other Public Sector Research Income

    • Category 3: Industry and Other Research Income

    • Category 4: CRC Research Income


Herdc
HERDC

The aim of the verification process is to both:

  • report research income as accurately as possible

  • maximise the reportable research income within the guidelines supplied, so that we maximise DEEWR block grant funds to USYD and therefore maximise funds going to the faculties


Research income examples of w hat is excluded
Research IncomeExamples of what is excluded:

  • in-kind contributions

  • capital grants

  • NCRIS, ARC LIEF grants, RIBG, APA,

  • funds provided specifically for the purpose of hosting, organising or attending a conference or workshop

  • funds provided specifically for the purpose of publishing research rather than conducting it

  • consultancy fees for projects that do not meet the definition of research (section 1.3.8, page 8)


Herdc verification process what we are sending you

Similar to what was sent out last year

Income is classified as “Research income” when there is compliance with University policies – ie research class and project code – no substantiation required by CFR, but will be subject to audit review

Also asked to assist with International split, as required by DEEWR

HERDC VERIFICATION PROCESS - What We Are Sending You


Herdc part 1
HERDC – Part 1

  • Run a general 104

  • Run a 104 to identify debits in income classes (eg look for overheads debited against income)

  • Run a 104 to identify any income in expense codes (eg limit to ARB)

  • Run 104 for 6713 and check contract – are they really 6712 or 6713?


Herdc part 2 possible research income
HERDC – Part 2 – Possible Research Income

  • Income is NOT included unless you tell us

  • Non research class codes and research project codes & vice versa

  • Substantiation required, such as Peoplesoft invoice, contract, letter from granting body that states the funding was for RESEARCH


Remember
Remember

  • The type of arrangement or title of the agreement is not relevant

  • It is the INTENTION of the funding not the usage


Herdc part b
HERDC – Part B

  • Consultancy v Contract Research

    • Guideline – see the DEEWR definition given in the HERDC Specifications.

    • If you are unsure:

      • Check with the researcher

      • Send us the contract / letter of engagement


Herdc part 3 other income unlikely
HERDC – Part 3 – Other Income (unlikely)

  • Income is NOT included unless you tell us

  • Non research class codes and/or project codes

  • Internal income, operating grants & balancing income (improbable for research)


Herdc verification process where to look for research income
HERDC VERIFICATION PROCESS – Where to look for research income:

  • Chairs

  • Joint Ventures

  • Externally funded positions

  • Foundations - 22222

  • 00000

  • 11111

  • Cxxxx and Gxxxx accounts


Research income
Research Income income:

Q) What if I am unsure if it can be counted in ANY category?

A) Note the various exclusions (such as LIEF grants and capital grants)

A) Email us at [email protected]


Herdc important dates
HERDC Important dates income:

  • Report to faculties by 18 February

  • Timetable will be distributed

  • Faculties will have three weeks to verify income & return to CFR

  • Faculties will have opportunity to review prior to audit


Usyd research income
USYD Research Income income:

Source: Research Office




Corporate finance research
CORPORATE FINANCE (RESEARCH) income:

Useful links

  • http://www.finance.usyd.edu.au/about/research.shtml

  • http://www.dest.gov.au/


Nhmrc acquittals
NHMRC Acquittals income:

  • CFR will populate the annual statement & send to faculty to check & sign

  • CFR to follow up with collaborating institution for end of period funding acquittal (for projects in final year)

  • These are due 6 months after funding period is completed


Changes to research invoicing

Changes to Research Invoicing income:

In 2007 invoicing for SydnOvate research grants comprised 52% in volume of all research invoicing

From 1/1/2008 invoicing for new research contracts established through SydnOvate are being processed by Shared Services (currently 4 invoices processed ytd)

Invoicing for existing (pre 2008) SydnOvate research contracts remains with Faculty Finance until further notice

Communication protocols concerning invoicing for achieved milestones is under discussion with Faculty Finance Directors and will be conveyed to you once finalised


Current process
Current Process income:

RO &

SydnOvate (pre 2008)

SydnOvate

(post 2008)

  • Responsibility of invoicing currently remains with Faculty Finance until further notice

  • Responsibility of invoicing is with Shared Services as per new structure


Arc funding
ARC Funding income:

  • See correspondence from Ian Ford

  • Distributions will be completed monthly

  • Commitments

  • Fellowship component


Arc acquittals
ARC Acquittals income:

  • Shared grants – final year

  • Relocations

  • Process


Corporate finance research1
CORPORATE FINANCE (RESEARCH) income:

THANK YOU FOR ATTENDING

ANY QUESTIONS?

Please contact: [email protected]


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