Costing and Pricing
The Government introduced Full Economic Costing (FEC) in September 2005 as part of its commitment to long term financially sustainability in Higher Education Institutions (HEIs). FEC methodology is used by HEIs across the UK to calculate the cost of research projects, and takes account of all direct costs and associated indirect and estates costs.
It is College policy to calculate the FEC for all research applications regardless of the funder type, but the price is set depending on a funder’s terms. This might be at a level equal to, higher or lower than FEC. All proposals for external research funding are prepared in the Worktribe system.
This section provides information on the background, principles and types of costs; guidance about Full Economic Costing (FEC); and information on College pricing policy, translating FEC into price and recovery position.