{"id":14110,"date":"2020-09-28T13:19:44","date_gmt":"2020-09-28T17:19:44","guid":{"rendered":"https:\/\/carleton.ca\/financialservices\/?page_id=14110"},"modified":"2024-09-03T11:15:22","modified_gmt":"2024-09-03T15:15:22","slug":"research-finance-101","status":"publish","type":"page","link":"https:\/\/carleton.ca\/financialservices\/research-financial-services\/research-finance-101\/","title":{"rendered":"Research Finance 101"},"content":{"rendered":"<h3>What is an Index (FOAPAL Accounting String)<\/h3>\n<p>The acronym FOAPAL stands for Fund, Organization, Account, Program, Activity, Location.<\/p>\n<ul>\n<li><strong>Fund:<\/strong> every research agreement is assigned a unique fund to track revenue and expenses related to the project.<\/li>\n<li><strong>Organization (Org):<\/strong> a number that denotes the department in which the Principal Investigator works.\u00a0 For research projects, the Org is a default and will self-populate in most systems.<\/li>\n<li><strong>Account:<\/strong> for research funds, the account is an expense code and vary depending on the purchase.\u00a0\u00a0<a href=\"https:\/\/carleton.ca\/financialservices\/wp-content\/uploads\/22.01.25.CommonResearchAccountCodes.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Click here<\/a> for a list of account codes commonly used for research funds.<\/li>\n<li><strong>Program:<\/strong> a number that represents the functional use of the fund for high-level financial reporting.\u00a0 For research projects, the program is a default and will self-populate in most systems.<\/li>\n<li><strong>Activity:<\/strong> an optional code that may be used to track different tasks within a fund.\u00a0 An activity code may be up to six characters long, and may be letters, numbers, or a combination of the two.\u00a0 All activity codes for research funds should begin with an R.<\/li>\n<li><strong>Location:<\/strong> not currently used.<\/li>\n<li><strong>Index:<\/strong> a short form of the FOAPAL code, which ties together the Fund, Org, and Program.\u00a0 For research projects, the index is the same as the fund number.<\/li>\n<\/ul>\n<h3>Transfer funds between operating and research<\/h3>\n<p>Money cannot be transferred into or out of an externally sponsored research fund (funds starting with 3).\u00a0 If a department wants to support a research project, they may either cover particular expenses, thereby leaving more money in the research fund, or transfer money to an internally restricted research fund (funds starting with 18).<\/p>\n<p>To transfer money from an operating fund to a research fund, send an email to the Financial Analyst for your department with the details of what fund should be charged, and what the transfer is for.<\/p>\n<p>Please do not start a Budget Adjustment Request (BAR) and send it to your Financial Analyst as research funds cannot be adjusted using a BAR.<\/p>\n<h3>Transfer an expense<\/h3>\n<p>Many research funds have restrictions on the types of expenses allowed and backup documentation required.\u00a0 For this reason, any journal on a research fund is routed to the Financial Analyst for the department to approve before posting.<\/p>\n<p>Rather than inputting a journal through the FAST JV system, you may simply send an email to your Financial Analyst to request the transfer of an expense.\u00a0 Include details of what expense is being moved, and why, and the Financial Analyst will process the journal for you.<\/p>\n<h3>Request an invoice<\/h3>\n<p>All invoicing is done by Research Financial Services.\u00a0 Send an email to the Financial Analyst for your Fund with the details of who should be invoiced, what work was done, and what time period the invoice covers.<\/p>\n<h3>Salary recovery\/ course buyout<\/h3>\n<p>Salary recovery occurs when an agreement includes budget to reimburse the University for a Researcher\u2019s time spent working on a project.\u00a0 The Researcher is not necessarily excused from teaching duties; it represents salary savings to the University.\u00a0 The amount budgeted for salary recovery is split between the salary and benefit costs for the Researcher.<\/p>\n<p>To claim a salary recovery, send an email to the Financial Analyst for the department.\u00a0 Include the details of where the salary portion of the recovery should be credited.<\/p>\n<p>A course buyout occurs when an agreement includes budget to pay for hiring another person to teach the classes normally taught by the Researcher so that the Researcher has more time to devote to the project.\u00a0 The amount budgeted for course buyout should cover both the salary and the benefits of the Contract Instructor hired to teach the course.<\/p>\n<p>To claim a course buyout, fill in the <a href=\"https:\/\/carleton.ca\/financialservices\/forms\/#Research\">Course Buyout Confirmation<\/a> form, available in the FORMS section of the Financial Services website.\u00a0 Send the signed form to the Financial Analyst for the department.<\/p>\n<h3>Inter-Institutional Transfers and Sub-Awards<\/h3>\n<p>Inter-institutional transfers and sub-awards are agreements that establish the rules to be followed regarding the transfer of funds from 杏吧原创 to another institution.<\/p>\n<p>There are two different types of transfers, accountable advances and invoicing agreements. An accountable advance is when the money is sent to the recipient institution in advance of expenses being charged. At the end of the agreement term, the recipient institution is required to provide a financial report detailing how the funds were spent. An invoicing agreement is when the recipient institution is expected to incur the expense and then issue an invoice to 杏吧原创 for reimbursement.<\/p>\n<p>To request an inter-institutional transfer, or sub-award, contact OVPRI (CORIS, IPS, or 杏吧原创 International) with the details of the type of transfer required. Once an agreement has been negotiated and signed by both parties, OVPRI will send a copy of the fully executed agreement to Research Financial Services. If the agreement is for an accountable advance, the Financial Analyst will issue a cheque. In the event of an invoicing agreement, no further action is required until the invoice is received. Once received, the fund holder submits the invoice for payment through eShop.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is an Index (FOAPAL Accounting String) The acronym FOAPAL stands for Fund, Organization, Account, Program, Activity, Location. Fund: every research agreement is assigned a unique fund to track revenue and expenses related to the project. Organization (Org): a number that denotes the department in which the Principal Investigator works.\u00a0 For research projects, the Org [&hellip;]<\/p>\n","protected":false},"author":28,"featured_media":0,"parent":1139,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_mi_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":"","_links_to":"","_links_to_target":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Research Finance 101 - Financial Services<\/title>\n<meta name=\"description\" content=\"What is an Index (FOAPAL Accounting String) The acronym FOAPAL stands for Fund, Organization, Account, Program, Activity, Location. Fund: every research\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/carleton.ca\/financialservices\/research-financial-services\/research-finance-101\/\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/carleton.ca\/financialservices\/research-financial-services\/research-finance-101\/\",\"url\":\"https:\/\/carleton.ca\/financialservices\/research-financial-services\/research-finance-101\/\",\"name\":\"Research Finance 101 - Financial Services\",\"isPartOf\":{\"@id\":\"https:\/\/carleton.ca\/financialservices\/#website\"},\"datePublished\":\"2020-09-28T17:19:44+00:00\",\"dateModified\":\"2024-09-03T15:15:22+00:00\",\"description\":\"What is an Index (FOAPAL Accounting String) The acronym FOAPAL stands for Fund, Organization, Account, Program, Activity, Location. 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