News
Fiscal 2013/2014 Overhead Recovery Fee
Published: 16 April 2013
This message is sent on behalf of Jeff Ives, Director, Office of the Budget and Cristiane Tinmouth, Controller, Financial Services
Dear Colleagues,
Further to the memo sent by the Provost to all Deans and Vice-Principals on April 3, 2013 regarding budget cuts, in order to achieve the proposed operating budget target, the overhead recovery fee currently being charged on actual revenues earned in your non-1A unrestricted funds, will be increasing from 1.5% to 2.5%, effective May 1, 2013. The process for collecting and recording of this fee will continue on a quarterly basis, as before.
In the month following the end of a fiscal quarter, revenues earned in non-1A unrestricted, non research-related funds (i.e. fund types 1B, 1C, 1D and 1E) during that respective fiscal quarter will be subject to a charge of 2.5%. The resultant amount will be posted to account code, 700694 – Central OH Unrestricted Funds, with the offset being the University’s accumulated deficit.
Please note that unrestricted start-up grants and service agreements will be excluded from this charge. The Fund Financial Manager will be responsible for ensuring accurate recording of revenue generating activities in the appropriate fund type.
All existing exemptions to this fee will continue to be honored.
Should you have any questions concerning this overhead recovery fee, please contact Jeff Ives, Director, Office of the Budget (ext. 2851) or Cris Tinmouth, Controller (ext. 2310)
Thank you