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Guidelines for the Transfer of Funds between Faculty Accounts and the University of Waikato Research Trust


General

  1. The University of Waikato Research Trust (the Trust) has been established to provide for the advancement of education through academic research at the University. It holds, manages and administers funds that are set aside from the University's operating budget and allocated to staff for that purpose.
  2. Internal research account balances held in University reserves at the time were transferred to the Trust on 31 December 2007.
  3. The constitution of the Trust Board is as follows:
      At least three but no more than five of the following, appointed by the Council of the University of Waikato:
      1. The Vice-Chancellor of the University of Waikato
      2. One person external to the University and experienced in academic research
      3. One person internal to the University and active in academic research
      4. One person holding the position of Dean of a School or Faculty at the University, who is active in academic research
      5. One person (internal or external to the University) experienced in business and/or commercial matters.
  4. Authority for the approval of these guidelines rests with the Vice-Chancellor. Responsibility for regular monitoring and review of these guidelines in consultation with relevant staff and committees rests with the Deputy Vice-Chancellor

Authority to transfer funds to the Trust and associated conditions

  1. All transfers to the Trust of funds from Faculty budgets, or of funds otherwise generated or received by staff from external sources, are subject to the approval of the relevant Dean.
  2. Where any issues about the transfer of funds to the Trust arise and cannot be resolved by the relevant Dean, final authority to determine whether the transfer may be made rests with the Chief Financial Officer.
  3. Funds must not be transferred to the Trust if it means that the relevant Faculty may not be able to meet its annual budget.
  4. Deans must assign an owner to any funds that are transferred from their Faculty to the Trust; the owner may be either an individual staff member (either themselves as Dean, or a chair of department or school or another named individual) or a research team.
  5. Any decision to transfer funds to the Trust must comply with the University's Financial Authority Policy.

Criteria for transfer of funds to the Trust

  1. Any monies transferred to the Trust must have been generated from externally-funded research or research-based activity (including commercialisation of intellectual property (IP), consultancies and professional services), or must otherwise fall into one of the following categories outlined in clauses 12-24 of these guidelines.
  2. Any funding generated from a research contract or from consultancy activities that rely on the use of University resources may not be transferred to the Trust unless it falls within one of the categories outlined in clauses 12-24 of these guidelines.

Awards

  1. Funds that have been awarded by the Vice-Chancellor, a Dean or an external party to individual researchers or research group(s) in recognition of meritorious achievement, as part of a recognised awards programme, may be transferred to the Trust.

Reimbursement of seed funds

  1. Seed funds may be granted by the Trust, for a finite and defined period of time, to meet the costs of developing an application for an external research or for a scholarship. If the application is successful, the amount originally granted by the Trust as seed funding may be transferred back to the Trust as reimbursement. As with all transfers, an owner of the transferred funds must be assigned in such cases.

Predicted surpluses

  1. The predicted surplus of an externally-funded research, research-based or innovation project or consultancy (clauses 22-24 of these guidelines govern small ad hoc consultancies) may be transferred to the Trust, and is calculated after deducting all overheads, i.e. direct costs, salary costs, and indirect costs (centrally as well as at Faculty level).
  2. The budget for the relevant project must be calculated on the whole of the contract and must be signed off by the relevant Dean. Under no circumstances are funds received under one contract to be spread across, or transferred to, other research projects that are funded under separate contracts or funded internally by the University.
  3. Up to 50% of the total predicted surplus may be transferred to the Trust on a proportional basis as the revenue is earned. The remaining 50% must remain recorded as a liability until the contract is completed and all costs applied, or until it is certain that the surplus has been earned.
  4. Any transfers to the Trust against a predicted surplus are made by the Research Office as part of the monthly accounting process for the relevant period.
  5. If at any point a project is anticipated to make a deficit, despite earlier predictions of a surplus, no further funds from that project may be transferred to the Trust.

Project conclusion surpluses

  1. Any surplus remaining at the conclusion of an externally-funded research project (i.e. after all overheads have been deducted) may be transferred to the Trust.
  2. Any transfer to the Trust at the conclusion of a project is made by the Research Office as part of the monthly accounting process.

External funding for non-specific research

  1. Any external funding obtained by individual researchers for non-specific research may be transferred to the Trust.

Small ad hoc consultancies

  1. 'Small ad hoc consultancy' is defined for the purposes of these guidelines as a consultancy valued at less than $1,000 per day; small ad hoc consultancies may include, for example, board directorships, marking theses for other universities, sitting on advisory panels and peer-reviewing publications.
  2. A maximum of $6,000 per calendar year per staff member may be transferred from any number of small ad hoc consultancies to the Trust, provided that a full declaration of the purpose of each relevant consultancy has been made to the relevant Dean and no University resources were expended in fulfilling the consultancy contract.
  3. If University resources are used for a small ad hoc consultancy, a commercial contribution of 22.5% will be deducted prior to any transfer being made from the consultancy to the Trust.

Variations

  1. The Deputy Vice-Chancellor and the Chief Financial Officer each has authority to approve requests for the transfer of funds that fall outside the scope of these guidelines; decisions by the Deputy Vice-Chancellor or the Chief Financial Officer in such circumstances will be in consultation with the relevant Dean.
  2. The Deputy Vice-Chancellor and the Chief Financial Officer each has authority to review transfers made to the Trust at any time, and where he or she considers that a transfer is not in accordance with these guidelines, to have it reversed back to the appropriate Faculty; decisions by the Deputy Vice-Chancellor or the Chief Financial Officer in such circumstances will be in consultation with the relevant Dean.

Approved by the Acting Vice-Chancellor: Professor Alister Jones

18 November 2014


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