All proposals for external research funding must be costed using the Full Economic Cost (FEC) Methodology. The FEC represents the cost of all resources necessary to undertake that project.
- The price of a project represents what the Funder is willing to pay and what UCL is willing and able to accept.
- Pricing should take account of UCL’s strategic and financial objectives, in addition to the funder restrictions on Price.
- The price can be equal, lower or higher than the FEC.
- The pricing of a research project should be informed by an understanding of the FEC of that research project and the FEC must be recovered in the price charged wherever possible.
- For many of our major non-commercial funders (e.g. the Research Councils, Charities and the European Commission), pricing is prescribed to us.
- With the exception of those for which prescribed pricing policies apply, research projects which are funded at less than FEC cannot be entered into without appropriate justification and approval by your Faculty Dean.
Worktribe is configured with funder templates which reflect the funder’s typical funding model. Contact Award Services for assistance where the prescribed template does not match the scheme. Submission reports can also be generated from Worktribe so that the finances can easily be uploaded to the application
Proposals will escalate where the application finances fall short of the expected FEC recovery and contribution to overheads.