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Payments

EC Cooperation funds are split into the following three payments types:

Your UFS budget will be set up for 100% of the total requested EC contribution. These notes aim to assist you in understanding the underlying financing of your award. The timing of payments is important as it affects the exchange rate that will be used to convert your Euro budget into pounds sterling.

The Research Operations Office credit the grant with the actual sterling received, using the current rate on the date payment was received. The Research Operations Office then uses the university guideline rate for the remaining outstanding payments. Therefore your sterling budget will fluctuate over the period of the grant as payments are received and the estimated exchange rate is updated (as and when necessary).

Budgets

We have prepared for you detailed information on how the EC budget is calculated and how it appears on the University Financial System.

  • Cambridge, along with the majority of other UK Higher Education Institutions, uses a transitional flat rate reimbursement model
  • There are two main financial areas that have an impact on FP7 budgets: reimbursement rates and overhead rates

Overhead rates

The Department: Chest split on overheads remains 34%:66% as in Framework 6. The overhead rate depends on the type of project/the activity.

When departments charge direct costs to the grant the University Financial System (UFS) will calculate the correct indirect costs (overheads) and allocate them to the Department or Chest account. Please see below examples.

Networks of Excellence 60% overheads
Collaborative Projects 60% overheads
Coordinated Actions 7% overheads
Support Actions 7% overheads
Collaborative Projects with CA or SA 60% for CP part 7% for CA or SA

 

Please click here for further information on setting up EC Budgets on UFS and to view examples.

Contact the Research Operations Office European Team:

European Policy Manager
Renata Schaeffer
Tel: 01223 761648

EC Coordinator Grants Manager
Catherine Hill
Tel: 01223 761647

ERC Officer (Maternity Cover)
Sara Imarisio 
Tel: 01223 765418

 

Need further information?