Guidelines for Accounts held within the University of Waikato Research Trust

  1. General
    1. The University of Waikato Research Trust (hereafter "The Trust") was established to provide for the advancement of education through academic research at the University. The Trust holds, manages and administers funds that are set aside from the University's operating budget and allocated to staff for that purpose.
    2. The Trust Deed stipulates that the Trust Board should comprise at least three but no more than five members. Appointments to the Board are made in accordance with the rules laid out in the Trust Deed. The current Trust Board comprises:
      • The Deputy Vice-Chancellor Research
      • The Chief Operating Officer
      • The Assistant Vice-Chancellor Impact
    3. A secretary will be appointed to the Trust Board from the University Research Office.
    4. Authority for 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 Research.
  2. Opening of Accounts
    1. Research Trust Accounts may be opened for the following purposes:
      • To receive surplus funds from closed externally funded research accounts
      • To receive surplus funds from commercial research accounts
      • To receive any funds awarded to an individual researcher or research groups by the Vice-Chancellor, a PVC/DVC, FMIS Dean (Faculty of Maori and Indigenous Studies), or an external party in recognition of meritorious achievement.
      • Accounts may be opened by the Pro Vice-Chancellors or University Research Institute directors to advance the research purpose of the relevant Division or Institute
      • To receive funds from small ad hoc consultancies where academic staff receive funds for professional academic services
      • Any other transfer of funds at the discretion of the Vice-Chancellor or Deputy Vice-Chancellor Research.
    2. PVCs, the DVC Māori (in the case of FMIS) or the DVCR (in the case of Research Institutes) must assign an individual owner to any funds that are transferred from their Division, School, Faculty or Institute to the Trust. The owner may be either an individual staff member, a School/Faculty Dean, a Director of a Research Institute, a PVC, a DVC or another named individual.
    3. Opening of an account can be requested by the relevant DVC, PVC, DVC Maori (in the case of FMIS), or Research Institute Director. RTAs are broadly seen to cover three types:
      1. individual researcher support (attached to a person);
      2. strategic research support (attached to an initiative); or
      3. specific research grants (attached to a project).
    4. The request should include the individual owner, the purpose, the type of RTA account, the timescale it is required for, the budget and expenditure plan. Opening of accounts will be subject to approval of the Deputy Vice-Chancellor Research and Chief Operating Officer.
  3. Transfer of Funds to Trust Accounts
    1. All transfer of surplus funds are subject to the following thresholds
      1. Surpluses under $1k will automatically be transferred to individual  Research Trust accounts and will not need a closing memorandum.
      2. Surpluses between $1k and $10k will automatically be transferred as follows:
        1. 60% of the final balance to individual Research Trust accounts
        2. 40% of the final balance to School or Research Institute accounts as appropriate. A closing memorandum will not be required.
      3. Surpluses above $10k will require a closing memorandum, whereby the first $10k will be treated as per 3.1.2 and the amount above $10k will be split between individual researcher, Division and/or University strategic research initiatives.
    2. Funds from awards or small ad hoc consultancies (subject to clause 3.9) will be transferred in their entirety to Individual Research Trust accounts.
    3. All transfers to the Trust of funds from Divisional, School or Faculty budgets or finishing research contracts, or funds otherwise generated or received by staff from external sources are subject to two layers of approval:
      1. the approval of the relevant Pro Vice-Chancellor or Deputy Vice-Chancellor Maori (in the case of FMIS); and
      2. the approval of the Deputy Vice-Chancellor Research and Chief Operating Officer.
    4. Where any issues about the transfer of funds to the Trust arise and cannot be resolved by the relevant Pro Vice-Chancellor or Deputy Vice-Chancellor Māori, final authority to determine whether the transfer may be made, or its value, rests with the Deputy Vice-Chancellor Research and Chief Operating Officer.
    5. Funds must not be transferred to the Trust where the relevant Division, School, Faculty or Research Institute is not able to meet its annual budget. In this case, transfer of partial transfer of funds is at the discretion of the Deputy Vice-Chancellor Research and Chief Operating Officer.
    6. Any decision to transfer funds to the Trust must comply with the University's Financial Authority Policy.
    7. Any monies transferred to the Trust must have been generated from the sources outlined in clause 2.1.
    8. Any funding generated from an externally funded research contract or from consultancy activities that rely on the use of University resources may not be transferred to the Trust unless the following conditions are met:
      1. The Research Contract or Commercial Contract budget must be calculated over the whole of the contract and must be signed off by the relevant authority. 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.
      2. No Trust Account is allowed to run in a deficit position except where explicitly approved by the Vice-Chancellor or Chief Operating Officer. Any project deficits that may arise will need to be fully reimbursed by the relevant School/Faculty/Research Institute immediately.
      3. Any surplus remaining at the conclusion of an externally funded research or commercial contract will first be subject to the requirements of the funder's contract. Any surplus remaining after all contract obligations are met may be transferred to the Trust subject to clause 3.1. Any surplus should be determined after all overheads (including any unfunded costs) have been deducted (i.e. direct costs, salary costs, and indirect costs borne by the University Centre, Division, School, Faculty or Research Institute).
      4. Any transfer to the Trust at the conclusion of any externally funded research or commercial contract will be actioned by the Research Office as part of the monthly accounting process. All such transfers should have clear evidence of the relevant approving authority, as outlined in clauses 3.1-3.5.
    9. Small ad hoc consultancies
      1. 'Small ad hoc consultancy' is defined for the purposes of these guidelines as a consultancy valued at less than $6,000 per calendar year per staff member. Small ad hoc consultancies may include, for example, board directorships, marking theses for other universities, sitting on advisory panels and peer-reviewing publications.
      2. The 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 Pro Vice-Chancellor/Deputy Vice-Chancellor Māori 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.
  4. Use of funds
    1. The University will set an annual limit for expenditure from Research Trust accounts as part of its annual budget process. The Trust Board will consider how this is distributed across Research Trust accounts, in consultation with Pro Vice Chancellors, and the Research Office as appropriate.
    2. Every account holder is required to submit an annual budget update for expenditure from Trust Accounts in line with the expenditure limits set by the University even if there is no plan for expenditure in that year because funds are being accumulated for a specific research purpose.
    3. Budgets should be at the strategic activity level, not the discrete expenditure level. The budget should have the approval of the relevant Head of School, PVC or DVC. Expenditure should be in-line with that budget.
    4. Funds within individual staff, PVC or Heads of School accounts must be used to support research purposes. For example, to;
      • support pilot studies
      • support research and research impact collaborations
      • support graduate student stipends and research costs
      • hire graduate research assistants or summer students
      • participate in or running research or research impact meetings or workshops
      • purchase research materials, software and consumables
      • develop manuscripts, cover publication and open access costs (where these are not already covered by the University’s publication agreements)
      • pay professional research memberships
      • undertake research travel for fieldwork, to attend collaboration meetings, or present research at high profile conferences and meetings
    5. All requests for expenditure are subject to normal University approvals, policies and protocols.
    6. Any expenditure from Research Trust Accounts in the name of any of the trustees will be subject to approval of the Vice Chancellor
  5. Closing of Accounts
    1. Inactive Trust Accounts will be subject to closure and the balance transferred to the University Research Trust Account for discretionary allocation by the Deputy Vice Chancellor Research or Vice Chancellor. The following are deemed to be inactive:
      • Accounts where account holders have not submitted an annual budget in the past 2-years.
      • Accounts in the name of staff who no longer have a position (paid, emeritus or honorary) at the University.
      • Accounts that have had a balance of less than $500 for more than 2 years.
  6. Variations
    1. The Deputy Vice Chancellor Research and the Chief Operating Officer each have the authority to approve requests that fall outside the scope of these guidelines; decisions by the Deputy Vice-Chancellor Research or the Chief Operating Officer in such circumstances will be in consultation with the relevant Pro Vice Chancellor, Deputy Vice Chancellor Māori or Research Institute Director.
    2. The Deputy Vice Chancellor Research and the Chief Operating Officer each have authority to review individual Research Trust Accounts at any time. Where they consider that a transfer or expenditure of funds is not in accordance with these guidelines, or not in the best interests of the university, they have the authority to have the transfer returned to the appropriate Division/School/Faculty/Research Institute or expenditure reimbursed to the Research Trust Account as appropriate. Decisions by the Deputy Vice Chancellor Research or Chief Operating Officer in such circumstances will be in consultation with the relevant Pro Vice Chancellor, Deputy Vice Chancellor Māori (in the case of FMIS) or Research Institute Director.

Approved by the Vice-Chancellor
June 2025