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Interest on Research Grants Policy
1. Purpose:
  1. This Policy states the University’s requirements for adoption of compliance measures for recording and
    attributing accrued interest to research costs centres, where required by grant funding bodies.
2. Scope:
  1. This policy applies to:
    1. All University of Canberra staff and affiliates (academic, professional, honorary appointments) undertaking research activities;
    2. All University Cost Centres designated as Interest Accrual Cost Centres (IACCs), including, where there is a contractual requirement to hold or manage research grant funds, including, conditions relating to the calculation and expenditure of accrued interest, as identified by the Research & Enterprise Services (RES) Office; and 
    3. All externally funded research activities that use University’s resources, unless otherwise expressly stipulated by the funding body.
3. Principles:
  1. The University receives grant funding for research, which includes, local, domestic
    and international grants from councils, governments, agencies, departments, organisations, foundations,
    trusts and professional bodies.
  2. Grant funding programs providing research and other income to the University are subject to
    contractual conditions. The University seeks to:
    1. manage research grants effectively and efficiently;
    2. the University manages funds in accordance with relevant laws and Australian Accounting Standards;
    3. maintain eligibility for all available future grant funding;
    4. ensure the best prospect for obtaining funded grant income; and
    5. ensure full utilisation of grants funding for the project purposes.
  3. The University seeks to achieve this by ensuring compliance with all grant conditions on the part of the
    University, its employees and representatives.
  4. In certain instances, specific grant funding bodies and programs require interest amounts accrued on
    the funding received by the University to be recorded and devoted to the research project for which those
    funds are granted.
[*Note]. The University manages all local, domestic and international research grant funds held and managed by the University in accordance with audit, financial, contractual and accounting requirements, including, but not limited to, as required by grant fund bodies, providers and programs.
  1. Where the University is contractually obliged to record accrued interest and to expend it on the funded
    research program, the Cost Centre for that program will be registered as an Interest Accrual Cost Centre
  2. The attribution of accrued interest to a specific University Cost Centre will only occur where the contract
    determining the agreement for the research project explicitly requires that interest be attributed to the
    project funding.
  3. Only an authorised delegate signs a financial statement or contract related to a granting body on behalf
    of the University in accordance with the University’s Delegations of Authority and Financial Delegations
  4. In accordance with the University’s Charter of Conduct and Values, all University staff and affiliates act
    in an ethical, transparent and honest manner in all aspects of contract management and financial
    expenditure related to research grant funds.
  5. In circumstances where research grants relate to gift funds, such funds are managed in accordance
    with the University’s Gift and Fundraising Policy.
[*Notes] The National Health and Medical Research Council (NHMRC) requires from all administering institutions proper accounting for all NHMRC funding and the accrued interest relating to their grants be undertaken.

NHMRC contracts contain the following conditions:
4.2 ...the Institution must...use any apportioned interest earned on the funds only for the purpose of
Awards provided...; and
6.3...Financial acquittal must include (b) the total interest attributable to the Funds.

4. Responsibilities:
Who Responsibilities
Deputy Vice Chancellor Research and Innovation Owner of the policy
Director Research and Enterprise Services Contact for the policy
5. Legislation:
This policy is governed by the University of Canberra Act 1989 (ACT). In developing this policy, the
University has had regard to the provisions of section 40B(1)(b) of the Human Rights Act 2004 (ACT).
6. Supporting Information:
Charter of Conduct and Values
Delegations of Authority
Financial Delegations Policy
Gifts and Fundraising Policy
Interest on Research Grants Procedure
Research Cost Centre Management Policy
Research Cost Centre Management Procedure
Research Institutes and Research Centres Policy
Research Institutes and Research Centres Procedure
Financial Delegations Policy
Responsible Conduct of Research Policy
7. Definitions:
Terms Definitions
Interest Accrual Cost Centres (IACC) Interest Accrual Cost Centres are those cost centres which relate to research grants that, as per the relevant funding agreement or contract, require the University to accrue interest on unspent grant funds and attribute this interest back to the research grant cost centre for expenditure on the project.
8. Notes:
This Policy commences on 13 July 2020.