As soon as the Principal Investigator (PI) suspects that a research agreement is at risk of early termination, it is important that the PI contacts the Departmental Administrator (DA) and their Faculty Research Services team immediately. Faculty Research Services teams will review the contractual obligations and commitments and negotiate a preferred so lution with the funder. If there is a reduction in funding a budget adjustment will be required against the project number.
Before Faculty Research Services teams can initiate project closure, they will confirm with the Principal Investigator (PI) and the Departmental Administrator (DA) that:
- The PI has submitted the final scientific report on time
- The DA has cleared overspends, disallowed costs or surpluses and closed any open Purchase Orders
The final payment is usually subject to receipt of the scientific report.
Most research agreements are reimbursed based on actual expenditure incurred. If spend has not reached the budget value at the end date of the project, the budget is underspent and the funder will not reimburse the full budget. Funders that commonly fall into this category are char ities, UK Research Councils, EU Commission, and some awards from UK government departments.
Most contracts with industrial funders are based on milestones and instalments (i.e. fixed price) instead of spend, so in these cases, the budget is likely to be reimbursed in full as long as the Principal Investigator (PI) meets the deliverables set out in the contract.
Overspends and disallowed costs
Any spend incurred after the end date of the project or disallowed by the funder (ineligible costs) must be removed by the Principal Investigator (PI) and the Departmental Administrator (DA) as soon as requested by the Faculty Research Services team. Delay in doing this will prevent the Faculty Research Services teams from closing the project and archiving the file.
Transfer awards to or from Imperial College
Faculty Research Services teams are responsible for managing the transfer of grants contracts to or from Imperial College. Approval to accept or release an award is required by the Head of Department (HoD). The time taken to transfer an award depends on the funder and the complexity of the transfer. It is important that the Principal Investigator informs the HoD and Faculty Research Services team of an impending transfers at the earliest opportunity.