Download Frequently Asked Questions Q. Which financial model should I use

Frequently Asked Questions
Q. Which financial model should I use?
A. Both financial models will show the same information. However, the expenditure will be
categorised differently in each model. The RCUK model categorises expenditure in terms of directly
incurred costs, directly allocated costs and exceptions, which are the standard categories for RCUK
funded projects. The University model categorises expenditure in terms of staff and non-staff costs.
You should select the model which is most helpful to you.
Q. What are the contract dates?
A. The contract dates are the start and end dates specified in the project contract.
Q. What is the difference between Income Awarded and the Full cost of project?
A. Income Awarded is the agreed amount to be paid by the funder for carrying out the project. The
full cost of the project is the total cost of carrying out the project including all overheads. This is not
always the same as the income awarded on a project, as some funders will not fully cover overhead
costs.
Q. What should I do if there is no income awarded showing on the report?
A. This means that this information has not yet been loaded into the report. Please contact either
the Post Award Team in Research and Business Services or your School Administrator to look into
this for you.
Q. What are Overheads and why are they not available to spend?
A. Overheads cover the indirect costs associated with carrying out project work e.g. HR costs relating
to the employment of staff, accommodation costs, heating, lighting etc. They are not available to
spend, as it is necessary for the University to cover the indirect costs relating to activities to ensure
the University is sustainable in the long term. The contribution to overheads varies between
funders, but the aim of the University is always to cover the full cost of the project.
Q. What is total available spend figure?
A. This is the proportion of the income awarded which is available to the Academic to spend on the
project. This figure does not include overheads.
Q. What is the remaining to spend figure?
A. This is the amount left to spend when you deduct spend to date and commitments from the total
allowable spend figure. Please note that at present commitments can only be shown in relation to
non-staff costs and no future staffing commitments are displayed in the commitment column. If you
are aware of future staffing commitments, these should be taken into account in your consideration
of remaining spend on the project.
Q. What is the plan column?
A. The plan column shows the budgeted spend on the project and is either taken directly from the
breakdown on the Contract or provided by the School.
Q. What if there are no figures in the plan column of my project?
A. This means that this information has not yet been loaded into the report. Please contact either
the Post Award Team in Research and Business Services or your School Administrator to look into
this for you. Plans will be loaded within 2 weeks of being provided by your School.
Q. How often is the spend updated?
A. The spend is updated on a daily basis and so the report shows spend up to yesterday.
Q. What level of detail can I drill down to in this report?
A. You can drill down to individual general ledger level (e.g. rail, air overseas etc. within travel and
subsistence) by clicking on the black plus sign on the left hand side of the spend categories and you
can also drill through to individual transaction level by clicking on the individual general ledger title.
Q. What are Commitments?
A. Commitments are purchase orders which have been placed on the financial system but the goods
or services have not yet been received.
Q. What if my project had another IO number before this one?
A. Any projects which have changed IO number over time (e.g. if the project has moved from one
School to another) will have all spend displayed under the most recent code.