• Section 1 - Purpose
• Section 2 - Scope
• Section 3 - Principles
• Section 4 - Definitions
• Section 5 -  Procedures

Section 1 - Purpose

(1) This Policy states the University’s requirements for adoption of compliance measures for recording and
attributing accrued interest to research costs centres, where required by grant funding bodies.

Section 2 - Scope

(2) This Policy applies to:

1. all University of Canberra (University) staff and affiliates (academic, professional, honorary appointments) undertaking research activities;
2. all University Cost Centres designated as Interest Accrual Cost Centres (IACCs), including, where there is a contractual requirement to hold or manage research grant funds, including, conditions relating to the calculation and expenditure of accrued interest, as identified by Research Services; and
3. all externally funded research activities that use University’s resources, unless otherwise expressly stipulated by the funding body.

Section 3 - Principles

(3) The University receives grant funding for research, which includes, local, domestic and international grants from councils, governments, agencies, departments, organisations, foundations, trusts and professional bodies.

(4) Grant funding programs providing research and other income to the University are subject to contractual conditions. The University seeks to:

1. manage research grants effectively and efficiently;
2. the University manages funds in accordance with relevant laws and Australian Accounting Standards;
3. maintain eligibility for all available future grant funding;
4. ensure the best prospect for obtaining funded grant income; and
5. ensure full utilisation of grants funding for the project purposes.

(5) The University seeks to achieve this by ensuring compliance with all grant conditions on the part of the University, its employees and representatives.

(6) In certain instances, specific grant funding bodies and programs require interest amounts accrued on the funding received by the University to be recorded and devoted to the research project for which those funds are granted.

(7) Where the University is contractually obliged to record accrued interest and to expend it on the funded research program, the Cost Centre for that program will be registered as an Interest Accrual Cost Centre (IACC).

(8) The attribution of accrued interest to a specific University Cost Centre will only occur where the contract
determining the agreement for the research project explicitly requires that interest be attributed to the project funding.

(9) Only an authorised delegate signs a financial statement or contract related to a granting body on behalf of the University in accordance with the University’s Delegations of Authority Policy.

(10) In accordance with the University’s Charter of Conduct and Values, all University staff and affiliates act in an ethical, transparent and honest manner in all aspects of contract management and financial expenditure related to research grant funds.

(11) In circumstances where research grants relate to gift funds, such funds are managed in accordance with the University’s Gifts and Fundraising Policy.

Section 4 - Definitions

Section 5 -  Procedures

(12) Refer Interest on Research Grants Procedure.