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Interest on Research Grants Procedure
Purpose:
This procedure formalises the University's adoption of compliance measures in recording and attributing accured interest to research cost centres where required by grant funding bodies.
Procedure:
 Identification of cost centre requiring interest accrual
  1. Research Services Office, as part of their contract review process, identify if there is a requirement for interest to be accrued and attributed to the project.  The Contract is registered as an Interest Accrual Cost Centre (IACC).
  2. Research Services Office enters research contract details into the research contract managemetn system, Pure, and enter a relevant code or marker in the database to identify the cost centre as an IACC and requirements for interest to be accrued and attributed to the project.
Calculation of interest amount
  1. Research Services Office provides Finance and Business Services with a listing each quarter from Pure of those research cost centres identified as IACCs, which need to have interest calculated and attributed.
  2. Interest will be calculated based on the average balance of the research cost centre over the quarter, using the 11am Cash Management account interest rate on the last day of the quarter.
  3. Finance and Business Services will process a journal entry at the end of each quarter for the interest accrued for the three months in the quarter.
Roles and Responsibilities:
Role Conditions Action Cross-reference
Research Services Office At time of research contract review Identify research grants that should accrue interest on research grant funds  
Research Services Office At time of entering research contract details into Pure Mark or record research grant in Pure as an Interest Accrual Cost Centre (IACC)  
Research Services Office Quarterly To provide Research Finance with listing from Pure of IACCs – the Interest Accrual Cost Centres that require interest to be accrued  
Finance and Business Services Quarterly To calculate interest to be accrued on research grant funds and process relevant journal entries  
Implementation and Reporting:
Action step(s) Responsibility Timeline
Policy to be reviewed Registrar
Deputy Vice-Chancellor & Vice-President Research and Innovation
 
Policy to be presented to approving body SMG  
Policy to be approved    
All Research Projects in Pure to be reviewed and Interest Accrual Cost Centres to be identified and marked Research Services  
Interest to be calculated and attributed to IACCs Finance & Business Services From 1 January 2012
Governing Policy and Legislation:
This Procedure is governed by the Interest on Research Grants Policy.
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.