Corporate Finance (Research)

Information Session

21 October 2009

Agenda

1. Introduction – Danny Sun

2. Opening – Jill Trewhella

3. HERDC 2010 & New Accounts – Tabitha Daines

4. RIMS Data & PeopleSoft Data - Kate Taylor

5. ARC & NHMRC - Carl Nygryn

6. DVCR Funding Update - Sandra Arnaout

7. Research Office Update - Warwick Dawson

8. Q & A

Deputy Vice-Chancellor

Professor Jill Trewhella

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HERDC 07 & 08 - MELBOURNE VS SYDNEY

Melbourne

Sydney

HERDC 2010

and

New Account Initiatives

HERDC 2010

• HERDC return Preparing for the year end

• Checklist

• 2010 collection process

• Investment Income

• Changes to guidelines

Preparing for Year End

• CFR working with BBI to bring you access to the Hyperion HERDC return report.

– You can run this to manage your accounts on a monthly or quarterly basis

– Gives you the data instantly that you need to correct miss coding and minimise your work in the new year

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CFR Initiative

*****The HERDC checklist *****

• A sound base for a clean HERDC report

• Simple steps to ensuring the ledger is correct

prior to the close

• Results - less additions, chasing of paperwork

and a more accurate, automated report

Activity Report If Action Required

Check Research Income is it in the right place for reporting?

Verify income classed as "Research income" - see YELLOW area HERDC report

Review all rows with expected income and account for differences. Has the income been received? If not, is this correct? HERDC report

Check ARC/NHMRC expected shared grant income not received (Usyd non-lead) (A6,N5 a/cs) HERDC report Invoice Lead Institution

Check ARC Industry Partners income not received (R a/cs) HERDC report Invoice partner

Check that there is no non-ARC income in ARC accounts

Identify corrections in comments column of

HERDC report Send to CFR for correction Journal

Checked that no non-NHMRC income in NHMRC accounts

Identify corrections in comments column of

HERDC report Send to CFR for correction Journal

Recycaling of accounts - Getting our categories right: Highlight cases when research income has been deposited in incorrect accounts, but is still research income (or is not research

income) i.e. funds are not from the named funding body

Identify corrections in comments column of

HERDC report Send to CFR for advice

Check deductions to Research Income

Investigate debits to income, are they credit notes or journals? Run SUGLQ104 for all research class codes, and sort by source, look for research income with debits. Identify corrections in comments column of

HERDC report Process Journal to correct

Check 6712/6713 transactions are classed correctly. For 6713 transactions, does a multi- institutional agreement exist with an Australian HEP? If an MIA does not exist, the transaction

should be adjusted

Process Journal to correct

Can I find more Research Income in 11111 and 00000 accounts?

Review HERDC guidelines for all research activities that can be included that are not obvious and identify relevant class codes for ledger checks.

income received in 2008 in respect of the year 2009 and was not counted in 2008 SUGL104 and Contract/paperwork Contact CFR

provision of professional, technical, administrative or clerical support and/or assistance to staff directly engaged in research SUGL104 and Contract/paperwork Contact CFR

management of staff who are either directly engaged in research or are providing professional, technical or clerical support or assistance to those staff SUGL104 and Contract/paperwork Contact CFR

funds provided for the purpose of clinical trials provided the purpose of the trial meets the definition of research (see section 1.3.9) - NOTE: DECLARATION REQUIRED SUGL104 and Contract/paperwork Complete Clinical Trials Declaration

stipends and scholarships for higher degree research students, unless explicitly excluded in section 7.3 of part A SUGL104 and Contract/paperwork Contact CFR

travel grants where funds are provided specifically for the purpose of travel and used to enable access to a programme of research SUGL104 and Contract/paperwork Contact CFR

research infrastructure grants unless explicitly excluded in section 7.3 (such as ARC Networks, LIEF, NCRIS) SUGL104 and Contract/paperwork Contact CFR

income from overseas HEPs provided specifically for research purposes SUGL104 and Contract/paperwork Contact CFR

research and experimental development into applications software, new programming languages and new operating systems (such R&D would normally meet the definition of

research)

SUGL104 and Contract/paperwork Contact CFR

Look at possible income areas in HERDC report to identify income that may be counted:

Investigate non-research classes used in research projects HERDC report

Investigate any research classes used in non-research projects. HERDC report

Check externally funded Chair positions for a research component HERDC report

Provide evidence for all donations in D1 projects where there is no expected income. HERDC report

Check 2400 - Is it in part or all for research? HERDC report

Check non D1 accounts, particularly when 2401 used HERDC report

Check C* - look at the intent, not the form - can be included if meets research definition HERDC report

Check non B3 Bequest accounts. HERDC report

Check G projects for projects with a research component HERDC report

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• Have shared grants been invoiced for (A6 & N5)? 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 (D1, B3)

Things to look for

• 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

Things to look for (Cont’)

The Hyperion report and

the Checklist will

Minimise your workload in 2010

2010 Collection Process• Run the final 2009 income report in Hyperion

• Drill down by RC/Area using the Hierarchy function

• Timetable & Expectations from 2009 into 2010

• Checklist to work through and for sign off in the actual return due 2010

Bequests, Donations and CPT’s

• CFR will take care of ALL investment income

(interest earned on philanthropic accounts)

• Please only check your NEW philanthropic

income received in 2009

• Documentation will be required for any

unexpected philanthropic income

Changes to the Guidelines

• 2010 HERDC specifications are expected to

have some changes that may affect your areas

income

• CFR will keep you up to date as and when we

receive INFO

New Account Initiatives

• Non RIMS New account requests

• NEW Project codes

• Process for donations and bequests

• Invoicing

• Project closures

• Research Finance Reporting Update

New Account Initiatives (Cont’)

• Working on process improvements to assist

finance staff with management of projects

though their lifecycle

– Non RIMS New account requests

Working with ICT and Advancement Services

to standardise process

– Developing clear guidelines as to what is

required as substantiation etc

New Account Initiatives (cont’)

• NEW Project code range created to ensure

maximum reportable income capture

• Codes starting to be utilised now in some areas

• Full implementation by end of year

New Account Initiatives (cont’)

• New project codes for Mixed Funding:

RM123 – Research component

Paired with

GM123 – General (non-research)

• Easily recognisable as part of a pair to improve reporting, acquittals etc

Split Philanthropic fundsD2XXX

• In response to HERDC, we identified the need to split Philanthropic funds

• NOW we can process your claims for split funding donations

• Ensures the accurate split at the inception of the code

Opening new D1/D2/B3 accounts

• Complete the PeopleSoft ChartField form

(under review)

• Documentation that substantiates the funds are

solely or in part for research

• Documentation MUST be from the

donor/benefactor

• Email: CorpFinance.research@usyd.edu.au

Invoicing for Research Funding

• Working with Revenue Services

• CFR to review data prior to actual invoice creation in PeopleSoft

• Safety net for miss allocations

• Improves faculties reporting

• Time saving for HERDC– Both Faculties & CFR

Invoicing for Research Funding

People Soft Invoice Data

CFR reviews Data Integrity

Invoice Generated

Improved Reporting

Project Closures

• New process - Clear, concise instruction

• Two simultaneous projects:

RO – RIMS Record closures

CFR – PeopleSoft Account clearing

and closure

• New report to assist Hyperion 110/112 –

Testing commenced

Project Closures

• Two simultaneous projects:

RO – RIMS Record closures

CFR – PeopleSoft Account clearing

and closure

• New report to assist Hyperion 110/112 –

Testing commenced

Research Finance Reporting Update

• NEW HERDC reports, including pivots

combining RIMS and PeopleSoft data for the

first time

• RIMS Financial data report

Testing commenced

CFR are here to help

• Assistance with questions regarding your

returned data

• Help on correct re-coding

• General advice as you work through the

HERDC report and checklist

Visits to your area

Hands on assistance and guidance

For Appointment

Email CFR

CorpFinance.research@usyd.edu.au

• Area groups

• Individual assistance

RIMS data & PeopleSoft data

• Differences explained (dates/expected income)

– PeopleSoft and RIMS data will not be the

same – This is not an error

– RIMS financial and dates data is indicative

– PeopleSoft data is adjusted to the actual

award and date as reported in acquittals

ARC/NHMRC

• Managing expenditure in ARC & NHMRC

accounts

• Reporting excess carry forwards

• Salary supplementation for fellows & ARC

expected balance

• Process for relinquished or transferred grants

• ARC relocation claims

• NHMRC equipment grants

Managing expenditure

• To minimise excess carry forwards

• Carry forwards ARC > 75%, NHMRC >25%

• Steps to ensure carry-forward amounts are reduced

– Paying invoices

– Review 11111 and 00000

• Accounts in deficit

– Meal & entertainment + motor vehicle costs (not allowed)

– Other unexpected costs

Reporting excess carry forwards

• Where carry forward cannot be reduced

– Explanation in line with ARC reason code and

progress report

– Excess C/F report – end of October

– Updated contact list

Fellows Salary Supp &

ARC/NHMRC expected balance

• Bridging the gap between granting body funds &

fellows’ salaries

• Balance expected = Matching Duration

• Deficit balance to be covered by the Faculty

• DVC(R) salary supp to be allocated at the end of

February & October

• Fellow salary > Granting body funds + DVC(R)

sal supp excess to be covered by the Faculty

Process for relinquished & transferred

• Process is the same in both cases

• Grants with a fellowship need to be checked by

Corporate Finance before submission to the

ARC

• All other grants to the Research Office

• Calculating the transfer/recovery amount

Visualising the time series

1/1/07 31/12/07

1/1/08 31/12/08

1/7/0730/6/08

1/7/08 30/6/09

Legend

Transfer

date

15/11/08

Calendar year

Project anniversary year

Transfer date

Unused portion of

funding to be

returned

ARC Transfer Form

Transfer Calculation Proforma

Amount

Previous Year Carry Forward (CF)

Current Year Allocation (A)

Current Year Expenditure to Date of Transfer (E)

Transfer Amount T = (CF + A - E)

(Double click on table to convert to Excel spreadsheet)

Relinquishing Institution/Organisation:

ARC relocation claims

• Claim must be made within 12 months of

relocation

• Apply through RO

• Claims & supporting documentation to CFR

• Claims to be made through Spendvision

• Conversion rate and date must be provided –

Oanda.com (preferred converter)

• Eligible costs only – refer to ARC funding

agreement

NHMRC Acquittals

• Equipment grant

– Due to be acquitted by November 2009

– Faculty Finance Officers will be contacted by CFR for

the acquittal statements

• Other grants

– Process will start in January 2010

DVC-R Funding

• New Schemes

• Account Management Changes

• Refresher

New Schemes: Equity Fellowships•Laffan Fellowship (Disability)

•Brown Fellowship (Career Resumption)

•Thomson Fellowship (Academic Women)

• up to $60K ($30K per semester)

• $25K in teaching relief/technical support

• $5K in research support

These are flexible awards and teaching relief periods

may not be consecutive

Account Management Changes•LIEF Accounts : A27 Lead, A28 Non-Lead,

R5XXX partner account to collect internal

contributions for paying invoices

•Federation Fellows – All continuing fellows will

have individual UXXXX accounts to replace 10041

•A movement towards individual accounts for all

one-off DVCR funding to help facilitate future

implementation of UEM & RIMS

USYD Post Doctoral Fellowship

Duration DVC-R Faculty

3 years

Funding begins

when employment

commences

Initial Support grant

$25K

Cost of return

economy airfare (if

applicable)

Contribute 80% of

A8 Salary

Notify HR & CFR

when fellow begins

appointment of U

account

Contribute the

balance of Actual

Salary

USYD International Visiting FellowDuration CFR Faculty

2 – 12 Weeks

Living Allowance

$1,500 p.w.

Economy airfare

up to $2,500

(receipt necessary)

Maximum

Allocation $20k

Transfer living

allowance &

airfare to U

account

Funding

transferred on

arrival of fellow

Submit payment

request for living

allowance & airfare

to AP(Class 5702

& 5711)

Forward airfare

receipt to CFR for

reimbursement

Cover deficit

balance if

overspent

Director of Research Office

Warwick Dawson

RIMS-PT Update

• Over 5000 active records & 300 trained users

• Pending Close project

• Faculty Finance feedback session 30/6

– 90% (14/16) felt RIMS useful/very useful

– Easy to use, depth of info in one place

– Would like historical data, more specific functions, more

timely updates

– Faculty finance user group

• Ongoing process improvement, data quality

New block grants

• Sustainable Research Excellence (SRE)

– $510m over 4 years to support indirect costs of ACGR

activities; builds on RIBG

– Sustainable and strategic management of resources to

meet costs

– Transparent costing framework TBD in 2010

– $65m in 2010 plus $20m for implementation

• Joint Research Engagement (JRE)

– Replaces IGS in 2010

– Same formula except Cat 1 income removed

Account opening and ethics

• From 1/1/08 account opening not tied to

clearances being in place

• No research requiring clearance can

commence before approved

• RIMS will remove manual follow up

New ARC schemes

• Laureate Fellowships (replaced Fed Fells)

– USyd provides Level E salary (split DVCR & Fac/Scl)

– ARC provides 128K salary top up, up to 300K pa

support plus up to 2x5 yr postdocs and 2x3 yr stipends

• Future Fellowships

– ARC provides 100% salary and oncosts for 4 yrs and

up to 50K pa infra support (strict conditions)

• Super Science postdocs (one off)

– ARC provides 100% salary and oncosts for 3 years

– USyd provides 20K pa research support

Last but not Least

Contact Us

• Email:

corpfinance.research@usyd.edu.au

• Website:

http://www.finance.usyd.edu.au/about

/research.shtml

Q&A

Thanks