Corporate Finance (Research) Presentation 18 September 2008
Agenda • Proposed changes in relation to Fundraising and Advancement Services • HERDC • ARC and NH&MRC preparation • DVC (Research) internal funding update • Academic Research reports and the implementation plan for budgets to be uploaded in Hyperion • ERA, what is it & its impact on faculty finance staff… • RIMS – changes to processes; account clearing and closing; what’s next?
Corporate Academic Portfolios As at 4 June 2008 DVC (Research) Chief Financial Officer DVC (International) PVC (Learning & Teaching) Executive Assistant Raewyn O’Connor Corporate Finance Manager (Research) Moira Mc. Allister Deputy Chief Financial Officer & Director, Corporate Finance Paul Slater Senior Corporate Finance Accountant Conita Hung Senior Corporate Finance Accountant (International) Thomas Chau DVC (Community) University Librarian Senior Corporate Finance Accountant (Library/ Learning & Teaching Raymond Wu • Office of DVC • Corporate Academic • Office of DVC • Office of PVC Research • Research Office • Ethics • Dean of Graduate Studies • Research Development • Associated Research Institutes • EMU • Key Centre – Microscopy • Nano MNRF Portfolios Reporting Design and Production • Management Reporting • Compliance Reporting • Training International • International Office • Centre for English Teaching • Summer School • International House • International Institute • RIAP • International Networks Learning and Teaching • Awards of Scholarships • Learning Centre • Maths Learning Centre • E-learning • Institute for Learning & Teaching • Koori Centre • Institute for Indigenous Studies • Law Extension Committee Senior Corporate Finance Accountant (Community) Yee-Fong Lee • Office of University Librarian • Collections and Access • Branch Librarians • Library Services • Digital and Technical Services • Office of DVC Community • Office of the Registrar • Student Administration and Support • Marketing and Communications • Community and Alumni Engagement • University Museums • Philanthropy & Development • Community Foundations • Student Associations • Seymour Centre
Fundraising Reporting – G. L. Account Structure Class Code Responsibility Centre Fundraising – Research Fundraising – General Fundraising – N. S. W. Government Grants – Research Fundraising – N. S. W. Government Grants – General Fundraising – Commonwealth Government Grants – Research Fundraising – Commonwealth Government Grants – General Department / School / Faculty Project Code B* - Bequests (B 3000 – B 3999 = Research) T* - CPT R* - Research Contracts P* - Prizes S* - Scholarships D* - Donations (D 1000 D 1999 = Research) SP* - Sponsorships FF*- Fundraising Functions • Financial reports driven by class codes • Management reports driven by: – Project Code – type of fundraising activity – Responsibility Centre – beneficiary/custodian of fundraising 4
DVC (Research) Portfolio As at August 2008 PVC Research Prof. Carol Armour DVC (Research) Prof. Merlin Crossley Central Research Initiatives Research Funding Allocations • USYD Funded • RIBG • Cancer Research Academic Staff Support Schemes (Research Fellowships) • USYD Funding for Commonwealth Academic Staff Support Schemes (Federation/ ARC/NHMRC Fellowships) • USYD Funded P-G Scholarships (UPAs/IPAs) • USYD Funding for CRCs/ARC Centres People Fund External Research Scholarships • NHMRC/ARC Stipends • Bequests • APA Cross Faculty Research Units • Microscopy (including EMU/Key Centre) • Bioinformatics • Synchrotron • Institutes Research Portfolio Operations • Dean of Graduate Studies • Research Development • Research Office • Ethics 5
Acting DVC (Research) Professor Merlin Crossley 6
HERDC Income 2003 to 2007 7
HERDC 8
HERDC FOR DEEWR In conjunction with data from the Higher Education Student Data Collection, DEEWR determines HEPs’ grants for the following schemes: (Value ► ~$125 m) RELATIVE Ø Research Training Scheme Ø Institutional Grants Scheme Ø Research Infrastructure Block Grants Scheme Ø Australian Postgraduate Awards Scheme Ø Commercialisation Training Scheme Ø Endeavour International Postgraduate Research Scholarships Scheme 9
Changes to the HERDC process in 2009 following internal and external audits
Joint Ventures • • • Inserted into the guidelines in 2007 for 2006 income Driven by the Warwick Dawson, Director RO A joint venture is a contractual arrangement whereby two or more parties undertake a research activity that is subject to joint control. Must have a Joint Venture Contractual Agreement (JVCA) The JVCA can include non-HEP participants. It should not include contributions in the form of capital injections or in-kind contributions. 11
Joint Ventures Process • USYD (CFR) to document the JV process • USYD to ensure that the JV partners are quite clear about HERDC guidelines & what can be included • CFR to attain documentation (ledger printout) from the JV partners to substantiate the inclusion of the income in the first instance • Argued that external audits are impractical 12
Joint Ventures Process • Sampling to be undertaken by NSW Audit Office in March/April • CFR has agreement that the management representation letter is incorporated into the JV agreement • USYD asked the NSW Audit Office to discuss this process with other audit partners so there was an agreed process for all HEPS 13
Joint Ventures Process • Medicine JVs – managed by the FFD • Non Medicine JVs – managed by CFR in consultation with the RO • JV Questions: – Is this OK to be a JV? → Warwick Dawson – What evidence do I need? → CFR 14
Changes to the HERDC process in 2009 following internal and external audits Post the external and internal audits undertaken this year there are some measures we need to put in place to ensure compliance
The Audits This year for the first time we were audited by both Internal Audit as well as the standard External Audit. Key points included…. • In the internal audit requested by Bob Kotic it was suggested that the University could be under reporting our Research Income. “Highlights the importance to educate the Faculties/schools of maintaining post-award grants accurately and providing substantiating evidence in a timely manner as not doing so exposes the University to the potential loss of funding’ Ref: Recommendation 1 of the review of Higher education Research Data Collection 16
Requirements of the External Audit • CFR was asked to reduce additions e. g. miscoded transactions • List and reconcile shared grants • Clarity on Externally funded positions • Reconcile the 2008 Research Income in the annual accounts to the 2008 HERDC Income submission • Limit the number of versions 17
Requirements of the External Audit • All additions that are requested to be added to the HERDC report after the close will need to be completed on a standard template (available on our website) • Additions line by line – 104, not 105 – and cross referenced • Need to be accompanied by a SUGLQ 104 as well as substantiating documentation. • Any request that does not fulfil this criteria will be sent back until it is provided in the format as required by the NSW Audit Office. 18
Solutions • CFR will endeavour to educate and assist the Faculties/Schools prior to the close. We are here to assist and advise. If in doubt, ask. • CFR will be running exception reports in an attempt to identify possible problems/miscoding • CFR will be sending out a preliminary HERDC report to each area as soon as possible, identifying suspect research income 19
The best solution is Preparation! • Simple steps to ensuring the ledger is correct prior to the close will mean less additions, chasing of paperwork and a more accurate, automated report …… • The following checks should provide a sound base for a clean HERDC report. 20
Where is the money? ? 2007 2006 G* 1, 435, 888 1, 997, 433 00000 3, 921, 706 3, 214, 966 11111 3, 804, 617 2, 656, 323 22222 1, 537, 541 1, 395, 261 D 5* 233, 630 D 0* 682, 781 1, 338, 698 E 45, 000 0 C 890, 378 464, 597 B 1* 120, 087 866, 848 B 2* 153, 970 59, 285 10026 Total Income % of total income 12, 884, 883 11, 934, 126 245, 041, 566 245, 331, 872 5. 3% 4. 9% 21
EFP (Externally Funded Positions) • Class 3700 v 3702 what % (if any) is research? • There will be a template on our website for you to complete and submit so that the reconciliation is inline with the contract and the ledger. • Principle: Ledger $ (SUGLQ 106) - % claimed - $ claimed 22
Things to look for • Have shared grants been invoiced for (A 6 & N 5)? If not this needs to be done as soon as possible using class 2119 • Non research Donation/Bequest income in research Donation/Bequest project code and vice versa (D 1, B 3) • Non research class in research account and vice versa. • Keep copies of all invoices to do with research grants as we are often asked to provide them to the auditor. 23
The big one………. . • Shared grants, Invoices paid under class 6713 v 6712 • CFR will identify all errors that we can and correct them in the ledger on the faculty’s behalf. If the payee in a Non-HEP USYD can count the funds. • But we need your help! Please ensure that any payments made under 6713 are truly shared grants. • If the funds are being paid for a contractor or work to be carried out at another university but does not have a Multi-Institutional agreement the class needs correcting to 6712 so your faculty/school can count the funds. • You will be asked to verify Shared Grants as well as income next year Mistakes lose the University/Faculty/Department funding 24
Procedure for opening new D 1/B 3 accounts – What is required? • Income that is received from a Research Donation or Bequest can also be included in the HERDC return. But to ensure it is counted it needs to be in the correct account. • Therefore here is what is required…… 25
• Complete the People. Soft Chart. Field request form found at http: //www. finance. usyd. edu. au/docs/Peoplesoft_project_grants. xls • Obtain all supporting documentation that substantiates that the funds are solely for research. This should be from the donor/benefactor. • Email to: Corp. Finance. research@usyd. edu. au 26
New policy with B 3/D 1 accounts • It has been agreed with Greg O’Dea that Advancement Services is to call CFR if staff wish to deposit funds into a D account with a D 1 reference prior to D 1080. • This is to allow CFR to check if there is expected funding for that year. • If this is not the case we will contact the faculty to request substantiation that the funds are from the same donor for the same research or if there is the need to establish a new account if for a new donation. 27
Account Code Explanation • The following slides are a brief explanation of the coding system that we use to identify the correct category of funding. • As these may be useful as a guide when back in the office all slides from this presentation will be available on our website: http: //www. finance. usyd. edu. au/about/research. shtml 28
University Research Grants Project/Grant Project Description Referred to as…… Other Details U 1 XXX USYD Bridging Grants/ Near Miss U 2 XXX USYD Post Doc Fellow PDF's U 25 XX USYD Bridging Fellowship U 260 X USYD Career Development awards USYD CDA one-off scheme in 2005 U 261 X USYD International Senior Research Fellowship USYD ISRF one-off scheme in 2006 U 263 X USYD Professorial Research Fellow USYD PRF one-off scheme in 2006 U 27 XX USYD Visiting Fellows 2 rounds a year U 31 XX USYD Early Career Research awards USYD ECR U 34 XX USYD Newly Appointed Staff USYD NAS New in 2007 U 35 XX USYD Career Interruption USYD CI New in 2007 U 4 XXX USYD R&D Grants R&D U 45 XX USYD Sustainable Energy Research Grants USYD SERG New in 2007 29
ARC Research Grants Project/Grant Project Description Referred to as…… Other Details A 1 XXX ARC Discovery Grants and Fellowship Pre 2006 DP Ran out of A 1 so moved on to A 7 A 3 XXX ARC Discovery Fellowship (old) & ARC Fed Fellows & ARC Fellows A 4 XXX ARC Linkage Grants and Fellowships LP A 5 XXX ARC Centres of excellence, Research networks, Special research initiatives, Linkage international and International Research fellows A 6 XXX ARC Grants where we are not the lead University - All schemes A 7 XXX ARC Discovery Grants and Fellowship Post, and including 2006 DP ARC Infrastructure Equip LIEF Rolling common project code changes each year: Linked to all RC 10001 - 90002 30
NHMRC Research Grants Project/Grant Project Description Referred to as…… Other Details N 1 XXX NHMRC Projects pre 2007 Ran out of N 1 so moved on to N 7 in 2007 N 3 XXX NHMRC Fellowship N 4 XXX NHMRC Scholarships N 5 XXX NHMRC Grants where we are not the lead University - All schemes N 6 XXX NHMRC Equipment Grants N 7 XXX NHMRC Projects Post, and including 2007 31
Other Research Grants Project/Grant Project Description Referred to as…… Other Details R 1 XXX CAT: 1 Grants - On competitive grants register R 2 XXX CAT: 2 Commonwealth grants R 3 XXX Old CAT: 3 Grants Ran out of R 3 so moved on to R 6 R 4 XXX CRC and non countable Travel grants R 5 XXX Internal Res Grants R 6 XXX Other Research Grants CAT: 3 Grants Ran out of R 6 so moved on to R 9 XXX Other Research Grants CAT: 3 Grants 32
Post-Grad Research Scholarships Project/Grant Project Description Referred to as…… Other Details S 2 XXX Post Grad Research Scholarships 33
New Project/Grant Code Creation as of 1 SEPTEMBER 2008 • With all the changes of late, CFR felt that a breakdown of who to contact for in varying scenarios would be of use. As things evolve we will keep this updated and available on our website and as well as emailing it out as appropriate. 34
35
36
CORPORATE FINANCE (RESEARCH) • Managing expenditure in ARC/NHMRC accounts to minimise excess carryforwards • Salary supplementation for Fellows • Invoicing of Linkage Industry Partners & Collaborating organisations • NHMRC Equipment grants due at the end of November 37
CORPORATE FINANCE (RESEARCH) Managing expenditure in ARC/NHMRC accounts -Maximum Carried Forward Amount Rules: - ARC 75% of Current Year Income - NHMRC 25% of Current Year Income - Report has been sent out to alert parties concerned -Relocation/Maternity Claims - Forward document to CFR for review 38
CORPORATE FINANCE (RESEARCH) Salary supplementation for Fellows - Quarterly exercise - Template to assist - By using the template - Help us to help YOU - Detecting bugs - Refining the template 39
CORPORATE FINANCE (RESEARCH) Invoicing of Linkage Industry Partners & Collaborating organisations - Depends on Contract Execution date - Pre-2008 Invoice issued by Faculty/School - Post 2008 Invoice issued by Shared Services 40
CORPORATE FINANCE (RESEARCH) NHMRC Equipment Grants Acquittal due at the end of November - CFR prepares the statement for your review - Obtain CI’s signature - Complete Excess Carried Forward Form if applicable - Return Original to CFR by Mid November 41
CORPORATE FINANCE (RESEARCH) Proposed ARC/NHMRC Projects Acquittal Process - CFR prepares the statement based on ledger (same format as last year) - Forward to CI by individual email (early February 2009) - A copy of statement will be forwarded to you for reference - CI completes Excess Carried Forward Form if applicable - Return scanned copy to CFR by mid-February 2009 42
CORPORATE FINANCE (RESEARCH) Q&A Thanks 43
CORPORATE FINANCE (RESEARCH) DVC-R INTERNALLY FUNDED SCHEMES 44
Internally funded academic support schemes • • USYD Bridging Support Grants Research Fellow Establishment Grants Bridging Support Fellowships International Visitor Fellowships USYD Post-doctoral Research Fellowships USYD Senior Research Fellowships USYD Professorial Research Fellowships 45
USYD Bridging Support Grants - “Near miss scheme” for applicants who missed out on the external funding grant (ARC, NHMRC) but were closest to funding cut-off - One year grant - No applications necessary - Offers made in November after ARC and NHMRC outcomes are known - Between $10, 000 and $50, 000 - 62 new grants in 2008 46
Research Fellow Establishment Grant (or Post-doc Fellowship Start-up funding) – Available to first time recipients of early-career research fellowships from ARC & NHMRC and other externally funded schemes – Purpose is to support new fellows to USYD and/or existing fellows getting established in independent positions – No application required – Grants allocated annually ($20, 000) – 8 grants in 2008 47
Bridging Support Fellowships - Available to USYD employees - “Near Miss Fellowship” - Up to one year between the expiry of the current award and 31 December of the current year - DVC-R pays 50% of salary & oncost (may vary) - Faculty journals funds over to supplement the salary cost - 11 new fellowships in 2008 - NEW! Salary contribution calculation based on year’s last CPI salary increase => no need of annual reconciliation (DVC-R slightly overpays) 48
International Visitor Fellowships –Support to researchers living overseas to undertake part of their research at USYD – 2 rounds of awards during the year –Living allowance of $1500/week (2 -12 weeks) –Paid on arrival, no receipts needed –Use per diem (5702) and airfare (5711) classes – 52 new fellowships in 2008 49
International Visitor Fellowships –NEW! Max support is $20, 000 including airfare as government made changes in visa conditions. –NEW! On fellow’s arrival only living allowance will be paid. Economy airfare up to $2500 will be paid on request by the department as reimbursement against receipt. 50
USYD Post-doctoral Research Fellowships -For researchers up to 6 years after Ph. D award. -Duration is 3 years. -Salary support (80% of Level A 8 plus oncost). -Research support $25, 000 in first year. -Economy airfare reimbursed (receipt). -Faculty journals funds over to supplement the salary cost. -8 new fellowships in 2008 -NEW! Salary contribution calculation based on year’s last CPI salary increase => no need of annual reconciliation. 51
USYD Senior Research Fellowship USYD Professorial Research Fellowship - Prestigious fellowship for researchers - All new applications are assessed individually - Currently there are 11 Senior and 6 Professorial fellowships running - DVC-R gives research support for all new Fellowships 52
Post Graduate Scholarships + Research Support USYD Postgraduate Awards (UPA) - Awarded to appropriately qualified students to undertake higher degree by research - Similar to government APA Vice-Chancellor’s Research Scholarships (VCRS) - purpose is to attract outstanding students to pursue Ph. D study Endeavour International Postgraduate Research Scholarship (EIPRS) - Scholarship for tuition fees and health cover. USYD is required to provide part funding to government EIPRS stipend scheme 53
Post Graduate Scholarships + Research Support International Postgraduate Award (IPA) -International stipend or living allowance (typically matches EIPRS) Post Grad Research Support Scholarship -Support to enrolled post-grad research students -Facilitates attendance at conferences. 54
Post Graduate Scholarships + Research Support Pre 2008 awards 2008 Semester 1 2008 Semester 2 2008 Total IPA 85 19 9 113 UPA 74 51 20 145 132 39 30 201 EIPRS 40 17 13 70 VCRS 0 10 VCRS (Co-Funded) 2 UPA (Co-funded) 333 0 136 2 72 541 55
Research Infrastructure Block Grant (RIBG) -CFR will be allocating faculty RIBG distribution (75%) in January 2009 56
Research Management Program Presentation by Warwick Dawson Director, Research Office 18 September 2008 Research Management Program “Supporting Research Excellence” 57
Research Management Program “Supporting Research Excellence” Initial Changes to Faculty Finance resulting from RMP implementation 18 September 2008 Research Management Program “Supporting Research Excellence” 58
RIMS – Proposal Tracking Go Live 1 September – Around 4000 ‘active’ Research Office initiated projects in RIMS – ~20 RO and CFR users – Over 120 new records created in the first two weeks (including 17 new accounts) – Daily account request generated from RIMS and forwarded to CFR – Daily e-File request generated from RIMS and sent to Records Online – Weekly account notification advice generated and sent to local finance – On-going data enrichment (eg progress reports, milestones for invoicing, etc. ) – Reviewing/updating ‘Pending Close’ records – Meeting with CFR re reconciliation between RIMS and People. Soft Research Management Program “Supporting Research Excellence” 59
RIMS Access & Training – Initial training/access for Faculty and School Finance Managers commencing early October – Once trained, view access to project records within their Faculty / School – RIMS record has a direct link to TRIM record (wherever possible) & can be used as an access point rather than searching the TRIM system – TRIM/e-file training? Research Management Program “Supporting Research Excellence” 60
Research Management Program “Supporting Research Excellence” 61
RC Requests – RO will request RC from local finance managers once project has been awarded FEnsures RCs for account creation are correct FReduces RC change requests – Request will be received as a report generated by RIMS, via email (contact details need to be correct and up to date) – RC to be filled into the appropriate column and returned to RO – Instructions are included in the email to which report is attached – Finance managers should forward the report to relevant staff if they are unable to provide RC themselves Research Management Program “Supporting Research Excellence” 62
Opened Accounts – Accounts can only be requested from CFR once the RC has been provided to RO by local finance, and any funding/ IP agreements have been signed – RO completes any final steps to deem project open – RO notifies the CI by letter of account details (for all grants) – On completion of training, local finance managers will be able to run a report at their discretion showing details of any projects in their faculty / school that have been opened (currently sent out to them weekly) Research Management Program “Supporting Research Excellence” 63
Opened Accounts – Accounts can only be requested from CFR once the RC has been provided to RO by local finance, and any funding/ IP agreements have been signed – RO completes any final steps to deem project open – RO notifies the CI by letter of account details (for all grants) – On completion of training, local finance managers will be able to run a report at their discretion showing details of any projects in their faculty / school that have been opened (currently sent out to them weekly) Research Management Program “Supporting Research Excellence” 64
Closing Projects – RO will be following up on project end dates and checking to make sure deliverables are met in order to finalise projects – Once end date is confirmed and deliverables met, RO will designate the project status as ‘Pending Close’ in RIMS – CFR will be sent a monthly report of projects that are ‘Pending Close’ so that balances can be cleared and accounts closed – Once account closed, project status in RIMS will be changed to ‘Closed’ Research Management Program “Supporting Research Excellence” 65
Next Steps – Invoicing – RO to record milestone/invoicing dates in RIMS over the next few months – Discussion planned with Shared Services to determine what changes in the invoicing process might be implemented and the timeframe – Sydnovate initiated projects – RO will temporarily take over RIMS data entry and post-award management of Sydnovate-initiated projects – RO will be responsible for account requests and notification of account details to CI and local finance managers, as for grants that have come through RO initially (standard/consistent processes) Research Management Program “Supporting Research Excellence” 66
Other Changes – Requests for RC changes should still go directly to CFR – Any other questions/ concerns about individual projects should go to the RO contact – Stand alone scholarships, research donations/ bequests are a work in progress – RIMS Project ID is the key reference number for all research projects FMust be quoted in any communications with the RO and CIs Research Management Program “Supporting Research Excellence” 67
Скачать презентацию Corporate Finance Research Presentation 18 September 2008
793c2546ad90061a40c1b55beed32e92.ppt