6 Administration of Research Grants
6.15 Virement of Funds
57
6.15
- The virement of funds between fund headings are permitted only within and between Directly Incurred costs and Exceptions excluding equipment. Equipment funding is ring-fenced and transfers into or out of equipment headings, whether under Directly Incurred or Exceptions, is not permitted.
- Transfers will be at the rate applicable for the heading, as set out in the award letter.
- Funds can only be transferred and used to meet the cost of activity or activities that meet the agreed aims and objectives of the project.
- For items of equipment costing £50k and over, the Principal Investigator may be required to seek STFC's approval in advance to vire any savings on equipment purchases to other equipment items or other expenditure headings. Approval will be subject to an explanation of the saving and purpose of additional current expenditure.
- An explanation should be provided in the final report where expenditure differs from the amount awarded under a particular expenditure heading by more than 20%.
- Funds can only be transferred and used to meet the cost of activities that meet the agreed aims and objectives of the project. While approval does not need to be sought from STFC for transfer of funds, STFC reserves the right to query any expenditure outlined in the Final Expenditure Statement that has not been incurred in line with the Grant Terms and Conditions.
-
Under no circumstances may Directly Incurred and Exceptions funds be used to meet the costs of any other grant or activity.
