This message is sent on behalf of Serge Bergeron, Budget Director, and Cristiane Tinmouth, Associate Vice-Principal, Financial Services
Further to the memo sent by the Provost to each of the Deans and Vice-Principals on 12 February 2015 regarding budget measures, in order to achieve the proposed operating budget target, the overhead recovery fee currently being charged on actual revenues earned in non-1A unrestricted funds, will be increasing from 5% to 7.5%, effective May 1, 2018. The process for collecting and recording of this fee will continue on a quarterly basis, as before.
In the month following the end of a fiscal quarter, revenues earned in non-1A unrestricted, non research-related funds during that respective fiscal quarter will be subject to a charge of 7.5%. The resultant amount will be posted to account code, 700694 – Central OH Unrestricted Funds, with the offset being the University’s Central fund to assist with the funding of University priorities and to support general operations.
All existing exemptions to this fee will continue to be honored. Please refer to the knowledge base article for additional information using the undernoted link:
Should you have any questions concerning this overhead recovery fee, please contact Serge Bergeron (ext. 2988) or Ani Kotchounian (ext. 8090).