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fEC full Economic Costing Workshop Andrea Tinson Full Economic Costing (fEC) fEC went live 1.9.05 Every project must be costed using fEC methodology Institutions must show how much the research or services rendered project costs and the surplus / deficit of that project

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Presentation Transcript
slide2

fEC

full Economic Costing Workshop

Andrea Tinson

slide3

Full Economic Costing (fEC)

  • fEC went live 1.9.05
  • Every project must be costed using fEC methodology
  • Institutions must show how much the research or services rendered project costs and the surplus / deficit of that project
  • Demonstrates the full cost of an activity – securing realistic funding
impact on grant applications
Impact on Grant Applications
  • Estimating PI Time: Principal Investigators will need to estimate the time they will spend on every project.
  • Recording PI Time: no timesheets will be required, minimal burden. A note in PI diary will be sufficient which should be available for verification
  • Actual v estimated time: where there is significant variation between actual and estimated eg due to personnel changes should report to sponsor. EPSRC will be monitoring percentage of PI time across projects < =100%.
  • Estates rates: The rate will be already calculated for you now a direct cost no longer part of overheads.
  • Overheads: The rate will be already calculated for you. Replaced by an indirect rate.
research council approach
Research Council Approach
  • Common forms and procedures, new T&C’s
    • All except MRC on Je-S from 1st September 2005
  • Will not fund >100% PI cost based on standard time
  • Will pay investigators time, estates and indirect costs based on estimates
  • Virements between directly incurred headings only
  • Exceptions to RC’s 80% fEC funding
    • Large equipment, surveys, project studentships
other funders
Other Funders
  • Charities
    • Will not pay indirect costs or academic staff time
    • May pay some DA Costs - equipment/support staff
    • Charities research support fund – initially £90m rising to £270m for ‘public good’ research
  • Government Departments
    • Expected to pay 100% of fEC on commissioned work
    • NHS R&D to use the RC model
other funders8
Other Funders
  • EU
    • Unlikely to be any movement on current shared funding model
  • Industry
    • Is usually a price-based negotiation
    • All non ‘public good’ research should be funded at at least 100% fEC
services rendered
Services Rendered
  • Cost as per fEC
  • All S.R should be funded at at least 100% fEC
  • Is usually a price based negotiation
  • If fEC price is lower than you wanted to charge then charge higher
cost headings
Cost Headings
  • Directly Incurred Costs

- RA’s, Travel, Consumables, Equipment

  • Directly Allocated Costs

- P.I Time, Estate Costs, Equipment already bought

  • Indirect Costs

- New Name for Overheads

cost headings cont
Cost Headings cont…
  • To arrive at the estate and overhead (amount) you need to calculate a FTE number
  • The FTE number is then used to calculate the estate and overhead (amount?)
  • The figures are set by the University each year and are revised each February. Currently they are:

Estates classroom £5,073pa

Laboratory £9,548pa

Cass £12,440pa

Indirect £30,660pa

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Example:

A Project for illustration

resource details
Resource Details
  • Three year project
  • 1 RA.6 for three years
  • 1 RA.8 for two years @ 50% time
  • Equipment £20,000
  • Travel £3,000 pa
  • Consumables £4,000pa
  • PI time @ 15 hours per week for 2 years

Prof time = £60,000 pa

  • PI time @ten hours per week for 3 years

Prof time = £52,800

sirius web
Sirius Web

Can help calculate the costs of an

RA or PI under fEC

http://www.siriusweb.leeds.ac.uk

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Use the standard method to work out D.I. costs e.g. new people to the project
  • Use the full Economic method to work out D.A. costs e.g. P.I. time
research web
Research Web

http://www.city.ac.uk/finance/research

things to remember
Things To Remember
  • Every project must be costed by fEC
  • If income requested does not match the fEC minimum funding criteria, justification will be required and must be signed off by the Dean and Director of Resources
  • Some projects might be refused!
  • You will need to keep records of your time on these project. Keep a diary, notes, lab notes which should be kept locally for possible audit verification
things to remember cont
Things to Remember cont..
  • PI’s time will be costed out at actual salary rates
  • EPSRC will keep records of PI time as no one person can charge more than 37.5 hrs/week
  • All costings MUSTBE approved by the Research Office BEFORE any costs/prices are given to the sponsor
things to remember cont25
Things to Remember cont..
  • The AGC form deals with fEC. The spreadsheet is interactive - adds up and takes away for you!
  • Remember that you also have to calculate the FTE of a person
  • Last but not least…..
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The Friendly Research Office is always

here to help you

Andrea x3038

Esther x3023

Jody x4140

Mel x3039

Or Enquiry line x8069

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Or just pop in to the office we can be found in

Drysdale Building Room E321

The door is always open

(except when we are at lunch)