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Terminology

Allowable Costs – the cost must be reasonable, must be allocable to sponsored agreements under the principles and methods provided, and must be given consistent treatment.

Cost Share – out of pocket project costs contributed by the University.

Fringe Benefits – benefit expenses associated with faculty and staff salaries, calculated and posted automatically as salaries are charged to the grant.

Indirect Cost Recovery – funds budgeted in an award to assist in recovering overhead costs associated with a grant, calculated and posted automatically as salaries or expenses are charged to the grant.  The federal negotiated rate is 45.5% of salary and wages, until June 30, 2013.  Private grants generally charge 10% of direct expenses of an award.

Matching Funds –
funding that is pledged to match a portion of the primary sponsor’s funding, may be in the form of cash or a third party in-kind contribution.

No-Cost Extension – PI should work with IPSR to obtain an extension of his/her award period 90 days prior to the closing of the original award date.

Prime Recipient – the entity that is the direct recipient of the sponsor’s funds that assumes a number of responsibilities, including management of subawards.

Record Retention – Grant documentation should be kept for at least 7 years from the closing of the award, including all P-Card receipts.

Subrecipient – an entity that receives a subaward and is accountable to the recipient for the use of the funds provided.

Time and Effort – required by federal regulations to confirm the percentages of time an employee allocated to each activity, representing a reasonable estimate of the work performed.  IPSR monitors time and effort reporting.