Florida State University Research Foundation CRe ATE

Florida State University Research Foundation CRe. ATE

PRESENTATION HIGHLIGHTS n Direct Support Organizations n FSU Research Foundation – Background – Types of Research Foundation accounts – The Research Foundation’s role in research at FSU – Specific Accounting Features and Procedures

Direct-Support Organizations

Direct Support Organizations The President of the University may recommend to the Board of Trustees that an organization meeting the requirements of Florida Statute 1004. 28 be designated a Florida State University Direct Support Organization.

Direct Support Organizations operate exclusively to provide the University with additional resources from private gifts & bequests, - in the case of the RESEARCH FOUNDATION, We provide additional resources from income resulting from patents, copyrights and commercial proceeds.

Foundation 1960 Alumni Association 1909 Seminole Boosters 1953 Ringling Museum Foundation 1995 FSU Research Foundation 1993 Magnet R&D 2007 International Programs 1994

Introduction to FSU Research Foundation* n Established September 1993 as a Direct-Support Organization – Must operate in a manner consistent with the goals of the University and the interests of the State of Florida and the IRS

Not-for-Profit 501( c)(3) n Operate for certain exclusive purpose (charitable, religious, educational, etc. ) n Cannot engage in activities outside the exempt purpose n No part of net earnings may inure to the benefit of private individuals

Goals of Research Foundation n Promote, encourage and assist faculty in obtaining private contract and grant funding n Facilitate technology transfer and manage Intellectual Property assets (patents and copyrights) n Develop an infrastructure which supports research activities

The Research Foundation is also able to n provide a layer of insulation for the University with respect to product liabilities and grant activities n agree to less stringent terms and conditions in contracts n acquire equity in companies

Manage Buildings in Innovation Park & Outside of Park n Buildings A&B n Johnson n Sliger n Shaw n Materials Building n AME Research n FSU Research Complex

Research Foundation Types of Accounts 1. Contracts and Grants 2. Indirect Cost Accounts 3. Royalty Accounts 4. PI Support Accounts 5. Research Foundation Funded Grant Accounts (GAP & Eppes Professorships)

Grant Proposal Process The proposal preparation process will follow the regular FSU Office of Research proposal policies and procedures. n We require completed proposals to be submitted to our office at least 3 business days prior to the agency deadline. n All proposals should be submitted to the FSURF for review prior to being submitted to the funding agency Submission policy location: http: //www. research. fsu. edu/contractsgrants/documents /submissionpolicy. pdf § For proposals that restrict the number of applications: https: //submissions. research. fsu. edu/limted/limited. Sub. Pr og. php n

Grant Award Process n When a proposal has been approved/awarded by a sponsor, FSURF and the PI will be notified. n The original contract/grant will be maintained at FSURF n FSURF will review the award document for compliance with the proposal and FSURF policies.

OMNI Salary Accounts n For Research Foundation contracts/grants with personnel costs, salary-companion accounts are established through the FSU accounting system (OMNI). Do NOT process non-salary activity through these accounts.

FSURF accounts with Cost Sharing Subject to same approvals and monitoring If private funding is to be used for federal cost sharing, the entire grant will be transferred to Sponsored Research.

Indirect Cost n The Research Foundation follows the same indirect cost policy as the University. n Exclusion for indirect cost is allowed for projects less than $10, 000. n Sponsor guidelines for not allowing indirect cost to be charged must be documented in a published policy.

Accounting Guidelines n Funds are deposited in a private bank account (separate from University – not in Sponsored Research Trust Fund. Cannot use interdepartmental requisitions, transfer forms, etc. ) n The Research Foundation uses Financial Edge (an accounting system separate from OMNI)

Accounting Guidelines n Monthly Reports – Reports are available through the previous business day via the following website. § https: //reports. foundation. fsu. edu – Need to request access to the web reports from Cathy Flynn in our office. – Must be connected to an FSU server in order to logon

Accounting Guidelines n Monthly Reports – A monthly email will be sent out to indicate that salaries have been charged to the RF projects and the previous month has been closed. – It is the department’s responsibility to reconcile the monthly reports to their records. – Notify FSURF in writing regarding any incorrect transactions in monthly reports

FSU Research Foundation “Spending Flexibility” n Most Expenditures are NOT required to meet the standards of OMB circulars or the requirements of FSU Purchasing rules although they are subject to the restrictions of the private grantor, good business practices, and must further research at Florida State University.

Disbursement Guidelines n Disbursements must be to further research and should not be of a personal nature. n Complete Business Manual with disbursement instructions is available on Research Foundation website http: //www. research. fsu. edu/foundation/manual. html n Principal Investigators function as their own purchasing agent and are responsible for obtaining quotes or bids, selecting vendors, and taking delivery of goods or services. Must use good judgment and follow good business practices when making purchases.

Research Foundation funds cannot be used to pay for … n New pants for volunteer who slipped and ripped his pants? n Dinner w/ a prospective employee that includes several bottles of wine?

Disbursement Guidelines § Signatures in addition to the PI’s are required on – payments to reimburse the principal investigator – all contractual services (Attach the contract) – payments over $2, 500 – Payments in excess of $10, 000 require approval of the Dean in addition to the PI – Payments in excess of $50, 000 require approval of a RF Executive Committee Member in addition to the PI and the Dean

Disbursement Guidelines n Disbursement request forms for travel payments and other purchases are available on-line. www. research. fsu. edu/foundation n Checks are usually generated by the Research Foundation within 5 business days and are mailed directly to vendors.

Name Title Phone Responsibility Holly Newell Director 4 -8138 Research Foundation Administrative Projects Amy Starkey Assistant Director 4 -3985 Investments & Royalties Cathy Flynn Dept’l Acctg Associate 4 -3989 Monthly Reports Alexander Priest Dept’l Acctg Associate 4 -8650 Payment Requests and Disbursements Gena Goodwin Grants Compliance Analyst 4 -3983 Proposals and Financial Reporting of Grants Kristin Auter Grants Compliance Analyst 4 -2130 Proposals and Financial Reporting of Grants Tracie Blackwood Grants Compliance Analyst 4 -3981 Proposals and Financial Reporting of Grants

FSURF Administrative Offices: 2000 Levy Avenue, Suite 351 Building A Campus Mail Code: 2744 http: //www. research. fsu. edu/foundation/index. html