New VUMC F&A Rate for Commercial/Industry Research Contract Activity

Please note that, starting August 1, 2019, VUMC has a new indirect cost rate (also known as a facilities and administrative [F&A] rate) for commercial/industry research contract activity: Clinical trials for drugs, vaccines, devices, and all other forms of clinical trial investigation sponsored by industry: Previous Rate: 29% of Total Direct Costs New Rate: 35% of Total Direct Costs Other industry-sponsored research projects that are conducted in academic/medical center space: Previous Rate: 60% of Total Direct Costs New Rate: 70% of Total Direct Costs Implementation is as follows: All new agreements should utilize these rates, effective August 1, 2019. Users should utilize a Total Direct Cost (TDC) methodology when applying these rates. Any contracts currently in negotiation and pending final signatures (i.e., budget has been finalized with the industry partner) and all active commercial/industry contractual agreements budgeted at previous rates are grandfathered in at the originally agreed-upon rates (29%/60%). Recovery of indirect costs is necessary to support institutional infrastructure and

read more New VUMC F&A Rate for Commercial/Industry Research Contract Activity

VUMC’s Annual Uniform Guidance (UG) Audit Results – FY 2018

Uniform Guidance FY18 Status: VUMC recently completed the annual Uniform Guidance (UG) audit with Ernst & Young (EY), reporting more than $375M on our Schedule of Expenditures of Federal Awards (SEFA).  While federal award compliance is a high priority for the VUMC Finance Sponsored Projects team throughout the entire year, the UG audit process for FY 2018 began with interim work during April–June and resumed with year-end work during August–November. The results of this review are published publicly in the Federal Audit Clearinghouse and are frequently accessed by organizations that have awarded funding to VUMC, by organizations that may consider awarding sponsored funding to VUMC, or by the general public. Finance is pleased to report that there were no financial statement or federal award audit findings/questioned costs identified for FY 2018. The results can be accessed here.  Please note that, moving forward, any subrecipient forms submitted to OSP for processing and signature should reference this most recent audit. A bit

read more VUMC’s Annual Uniform Guidance (UG) Audit Results – FY 2018

NIH Loan Repayment Programs (LRP) – Application Cycle Now Open

Department administrators, please share with interested faculty: As of September 1, 2018, the application cycle for NIH’s Loan Repayment Program is now open. For those unfamiliar, this program provides up to $35,000 a year of educational debt assistance over two years in return for a commitment to engage in NIH mission-relevant research. Of the eight available programs, five are open to non-NIH-employed individuals: Clinical Research Pediatric Research Health Disparities Research Contraception and Infertility Research Clinical Research for Individuals from Disadvantaged Backgrounds Please note that the VUMC Administrative Official for the LRP application is Robert Dow. The application cycle is open until November 15, 2018. For more information please visit the NIH website.

VUMC Finance Process Change: Check and Cash Deposit Deliveries

Effective November 1, 2017, all deposits of cash and checks received must be submitted directly to the Cashier’s Office. Without exception, no checks or cash received should be mailed or delivered to Crystal Terrace. Please note that this includes deposits for restricted cost centers. In addition, all deposits now require a deposit receipt form to ensure accurate payment application. While physical copies of this form are available in the Cashier’s Office, they are also electronically accessible through the following links: VUMC Finance Home Page – What’s New? Administrator’s Resource: Quick Reference – Recent Changes and Updates For questions about this new process, please contact Christopher Gallimore (5-7435) or Kelley Thurmon (3-6356).

NIH Financial Reporting Due Dates

While federal policy dictates that final financial reporting is due to NIH 120 days after the project end date, please note these reports are due internally to VUMC Finance, via IRIS, 60-90 days after the project end date. Since all funds must be drawn down before the 120 day deadline, this window allows Finance sufficient time to report and communicate any changes, should they be required.  For more information please contact your Grant Accountant.

NIH Loan Repayment Programs (LRP) – Application Cycle Now Open

Department administrators, please share with interested faculty: the application cycle for NIH’s Loan Repayment Program is now open. For those unfamiliar, this program provides up to $35,000 a year of educational debt assistance for two years in return for a commitment to engage in NIH mission-relevant research. Of the eight available programs, five are open to non-NIH-employed individuals: Clinical Research Pediatric Research Health Disparities Research Contraception and Infertility Research Clinical Research for Individuals Please note that the VUMC Administrative Official for the LRP application is Robert Dow. Please note that the application cycle is open until November 15, 2017. For more information please visit the NIH website.