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1 Financial Management Training Research Finance.

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Presentation on theme: "1 Financial Management Training Research Finance."— Presentation transcript:

1 1 Financial Management Training Research Finance

2 Post-award finance administration

3 3 Focus on Research Grants Lifecycle post-award Post-award finance administration Project set-upAgree budgetPrepare claims Audit and vouching, credit control Final claim and project closure Financial Management Research and Output

4 4 Project set-up R code All information relating to finance and administration sent to RFO RFO will liaise with PI to ensure appropriate administrative arrangements are put in place Trigger for QFIS project set up – R code

5 5 Agreeing the budget Where the money goes pay non- pay o/heads

6 6 Managing your research budgets Who does what? Ongoing monitoring of costs compared with budget Monitoring cash position in parallel (income received from funder) Finance dashboard summary report for each R project updated on monthly basis RFO’s provide written commentary on R projects in School on quarterly basis RFO Review budgets for their area on regular basis, following up on areas of concern Head of School/School manager Review budget on a regular basis Ongoing access to live reports through QOL PI

7 7 How to manage your research budgets What reports are available? Reports that show all R projects within the School, giving summary information Head of School Via QOL and PURE can see reports for projects that you are named on PI

8 8 Sample reports Research Management

9 9 Sample reports Research Management

10 10 Claims process How is income profiled? There are a number of ways that sponsors can profile income…. All upfront Split evenly over the life of the project Initial large advance instalment, then split over life of project To match expenditure incurred on project

11 11 Claims process Audit and vouching Typically RFO need to prepare claims or issue invoices to the sponsor Sponsor needs to confirm that costs are real, actual and relevant to the project The level of audit and vouching of claims depends on the sponsor, ranging from –Visiting University every 3-4 years for ~1 week to test systems etc., looking for evidence that well equipped to manage funds –Requiring an independent audit on each claim which is then verified by the sponsor and may be subject to further audit

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