1. Research Grants And Contracts What We Do

3. Research Grants - Pre award salary costings salary costings advice on other costs to be included advice on other costs to be included advice on overheads advice on overheads negotiation with pharmaceutical companies on price negotiation with pharmaceutical companies on price

4. authorisation by Lorraine Davison IBF from Research Grants reviewed by Business Manager IBF original & copy to RG for checking & logging salary costing - RG non salary costs RG salary costing? no yes grant giving body call for proposals Pre Award

5. Research Grants - Post Award award letter or contract must be received and matched to application award letter or contract must be received and matched to application new grant code allocated if paper work complete new grant code allocated if paper work complete subjectives linked to grant code subjectives linked to grant code

6. Post Award (cont) budget set up on system to reflect award budget set up on system to reflect award notification of new award sent by RG notification of new award sent by RG authorisation signatories obtained and copy sent to Bought Ledger authorisation signatories obtained and copy sent to Bought Ledger start certificate signed off as appropriate, once grant commences start certificate signed off as appropriate, once grant commences

7. Reporting on Grants reports for each grant sent via email (EasGen) or for direct access (Eas) reports for each grant sent via email (EasGen) or for direct access (Eas) two report types two report types transaction - lists type of expenditure/income transaction - lists type of expenditure/income budget - shows total budget and spend on grant to date budget - shows total budget and spend on grant to date notify your Finance Assistant on any Easgen & Eas updates notify your Finance Assistant on any Easgen & Eas updates new grants will automatically be added to each grant holders list on return of signature sheet new grants will automatically be added to each grant holders list on return of signature sheet

8. Reporting to Funders Financial statements are prepared by Research Grants on the following basis:- Financial statements are prepared by Research Grants on the following basis:- MRC - interim statement mid point and end of grant. MRC - interim statement mid point and end of grant. final claim deadline - 3 months after end of grant DOH -annually on calendar year. DOH -annually on calendar year. final claim deadline - 3 mths after end of grant

9. Reporting to Funders (cont.) Wellcome - qtly claims and end of grant Wellcome - qtly claims and end of grant final claim deadline - 6 mths after end of grant Others - as per individual rules and regulations Others - as per individual rules and regulations

10. Other Points final financial statement must be signed off by Budget Holder before being sent to Award Body (if applicable) final financial statement must be signed off by Budget Holder before being sent to Award Body (if applicable) no expenditure can be committed after end of grant (invoices will still be processed after this date) no expenditure can be committed after end of grant (invoices will still be processed after this date) only relevant expenditure can be made against grant award only relevant expenditure can be made against grant award

11. Developments Database Database which provides reports to Institute/Kings Board on grant applications/awards/overheads reports for business planning - grant details, financial profiles over grant life and various other management reports

12. Developments (cont.) Salary Costing Software Package Salary Costing Software Package which provides full project costing if required standard format fast accurate & comprehensive costings flexible, to allow for various scenarios

13. Departmental Grant Administration

14. Overall Grant Control administrators need to flow funds of award over total years of grant implications of spend against total budget day-to-day monitoring of income/expenditure/personnel/variances consider if action is required - if so - discuss with Grant Holder & Research Grants

15. Budgetary Control Tips Expenditure ensure orders raised in Department match order with invoice invoices - stamped, approved, coded sent to Bought Ledger, JCMB VAT exemption rules queries on invoices to Bought Ledger, JCMB 020 7848 3255 (Help line) boughtledger@kcl.ac.uk

16. Budgetary Control Tips Expenditure (cont.) importance of accurate coding use of journals for transfer of expenditure via Research Grants recommend control of expenditure by spreadsheet: list orders.. invoices amount check to monthly report

17. Budgetary Control Tips General Issues all amounts over £10,000 must be authorised by two appropriate signatories Financial Regulations contains succinct information on finance issues

18. Budgetary Control Tips Income cheques to be paid to Cashiers – Room 5.33 JCMB importance of accurate coding BACS payments (direct to bank) - importance of accurate coding and referencing details to Funder check income receipts against monthly reports

19. Budgetary Control Tips General Issues all invoices to Funders must be raised by Research Grants all advice remittances must be sent to Cashiers - JCMB all requests for payments outside the UK must made on green forms and sent to Spencer Pritchard ext. 3290 at Cashiers, JCMB - normally takes 7 days for transactions to be processed

20. Other Financial Considerations

21. Capital Expenditure James Wrigg, Procurement Director, KCL 020 7848 3445, james.wrigg@kcl.ac.uk web addresses of KCL Procurement www.kcl.ac.uk/ip/marymussett/purchase/col-polintro.html www.kcl.ac.uk/ip/marymussett/purchase/MPDPintro.html

22. Capital Expenditure (cont.) KCL Financial Regulations up to £2,000 - 1 or 2 quotations as appropriate between £2,001 and £3,000 - 2 quotations between £10,000 and £30,000 - 3 quotations over £30,000 formal tendering funding bodies currently reviewing procurement policy

23. Capital Expenditure (cont.) MRC need to have invoice(s) for capital equipment over £25,000 Wellcome insist on authorisation by James Wrigg for items over £1,000 MRC & Wellcome

24. Capital Expenditure (cont.) computer equipment < 25,000 (£15,530) 3 years computer equipment > 25,000 5 years all other capital – over 5 years EU Regulations - depreciation

25. Resource Allocation introduced 1st August 2000 introduced 1st August 2000 54% overheads received on grants flow direct to Head of Department 54% overheads received on grants flow direct to Head of Department provides real control for Head of Department over their budgets provides real control for Head of Department over their budgets Head of Department has discretion on whether to accept a grant award where optimum level of overheads has not been obtained Head of Department has discretion on whether to accept a grant award where optimum level of overheads has not been obtained

26. KCL Enterprises Ltd Consultancy to advise on commercial contracts- Intellectual Property Rights negotiation on Contract Pricing Team - Malcolm Sims, Susan Jacobs, Paul Labbett before approaching Team, discuss with Senior Management Accountant

27. The End