Financial Issues

FRDC Expectations

Satisfactory Financial Statements are required to activate continued funding for a project. You must provide a financial report after 31 December and 30 June during the term of the project within 31 days. Download the Financial Statement template (MS Word 68kb).

Your organisation is also required to submit an annual financial statement for the project outlining the acquittal of funds with reference to 'Heads of Expenditure'. This statement must be submitted as soon as possible after 30 June, but no later than 30 September.

The Programs Procedures Manual contains a number of requirements for financial reporting and record keeping. However, reports and financial statements must be submitted on time; any variation to the dates agreed upon in the contract must be negotiated with the FRDC. Late reports may affect future funding.

Final Payment

As a condition of your research agreement, you must submit a Final Report on your project to the FRDC. The FRDC will withhold up to half of your final payment until the project is completed, the output(s) delivered and your final report and final financial statement have been received and accepted by the Corporation.

Reporting

The FRDC will ensure that the research provider has met their reporting obligations as stated in the Project Agreement for the period.

The FRDC will evaluate the technical progress of the research project. Should the progress be unacceptable, the FRDC will consult the Principal Investigator for clarification, and should the need arise, take appropriate action, for example, terminate the project, re-evaluate or re-define the project.

If the progress of the research is acceptable, the delegated officer will approve payment of funds as appropriate. Payment will then be processed and forwarded to the research provider.

Variations

The transfer of funds between heads of expenditure (salaries, travel and operating and capital are as follows:

• Other variations than to or from capital:
  • Less than 20% in any one year without prior reference to the FRDC; and
  • 20% (cumulative) or more only with written approval by the FRDC.
• Variations to or from capital:
  • only with the written approval of the FRDC. You should include a reason for the transfer in the next financial report.