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What is FEC? Full Economic Costing. Background. 1998 Spending Review – Extra Research Funding TRAC: All Universities were in deficit for research Significant underspend in infrastructure

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What is FEC?Full Economic Costing


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Background

  • 1998 Spending Review – Extra Research Funding

  • TRAC:

    • All Universities were in deficit for research

    • Significant underspend in infrastructure

  • In 2002 additional funding was awarded plus initiatives like SRIF 1 and 2, SRIF 3, JIF, and SPUR 1 and 2 in NI

  • Overall aim of FEC is sustainability of the research base


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What is Sustainability?

The University is being managed on a sustainable basis. If taking one year with another it is recovering its FEC across its activities as a whole and is investing in its infrastructure at an appropriate rate to maintain futureproductivity

This will require the calculation of FEC


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FEC Cost Types and Definitions

Directly Incurred (DI):

Expenditure that is incurred specifically for the project such as new staff, travel, consumables.

Directly Allocated (DA):

Estimated costs of services (such as existing staff time and facilities) used by the project that are shared by other activities and projects.

Indirect:

University Overheads allocated to the project.

Central administrative cost.


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Facility (i.e. estates) and overhead (i.e. indirect) costs are based on the academic/research hours spent on the project.

Estates Cost: £15,697/FTE Lab

£9,417/FTE Desk

Indirect (ID): £30,380/FTE

FTE, Full time equivalent (1 person for 1 year x 100%)

Procedure to establish the rates are audited.


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Research Council Definition are based on the academic/research hours spent on the project.

  • Standard Year = 1,650 hrs

    = 44 wks

  • Hours in Standard Week = 37.50 hrs


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Choices – Costing v Pricing are based on the academic/research hours spent on the project.

  • No choice with cost – FEC method gives cost

  • Do have choice with price

    i.e. 50% of FEC

    70% etc

    Funder ‘type’ sets the %

  • Strategic pricing at less than 100% of FEC will require high level approval


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The proposed costing and pricing policy for University of Ulster external grants is as follows: -

* FEC will still be calculated – Partnership Fund

** NI Departments, particularly Invest NI, will be kept under review for strategic reasons to

see if 100% will apply to projects funded from this source