The College is currently investing in the acquisition of specific costing and pricing software called ‘Pfact’ that will be introduced by September 1st to cater for the introduction of Full Economic Costing (fEC).
Research Councils currently pay 80% of the Full Economic Cost of a project.
The objective is to charge the full cost of the activity to the sponsor wherever possible. This will include:
Direct staff cost
Direct non-staff cost
Service and facilities costs
Overheads (or indirect costs)
Overheads will be based on the indirect costs incurred in housing and supporting research projects. They will include:
Premises costs
Directorate / Institute administration
Central administration
Other indirect costs
Charities
Charities will not pay overheads. In September 2005, costings for charities will be processed through the new software system which will calculate the Full Economic Cost of the project. Charities however will only be expected to pay for the direct costs associated with the project.
Commercial
The Full Economic Cost of a project will be calculated from September 2005 using the software, and a Price for the project calculated.
Other government departments, with the exception of DoH – NHS are currently expected to pay the full cost of a project.
NHS-DOH will pay up to 46% overhead on the cost of a project
European
The Trust uses the Full Cost model for calculating EC projects. Costings should be referred to Phill Good, email phillip.good@bartsandthelondon.nhs.uk
The College currently uses the Actual Cost Model which calculates a 20% overhead. Costings should be referred to Gerry Collins, email g.collins@qmul.ac.uk.
Grant application process
Funding bodies and costing