Overview
The Rates tab in the Award Budget allows you to use the default institutional rates or override the rate used for the budget calculations on F&A, Fringe, Inflation, Vacation, Lab Allocation, and Other rates as applicable to your institution. Below outlines the options within the Rates tab and how to utilize the functionality.
Rates
The Rates page of the Award Budget document is made up of tabbed sections and unique actions buttons at the bottom of the page. These allow you to view, specify, modify, synchronize, and reset all rates associated with the award budget version.
Action Command Button |
Brief Description |
Sync All Rates |
Click the sync rates button to bring Institutional Rate and Applicable Rate columns on a single budget up to date with rates for the current budget period. |
Reset All Rates |
Click the reset rates button to change all editable values in the column of a single budget to match the existing Institute Rate values (whether old or current – those which were brought in upon Award Budget creation or subsequent synchronization). |
The Rate types and classes that appear are driven by the Proposal and Award type, and what has been maintained in your local instance. The “applicable rates” are pre-populated with the default “institute rates” which are pulled in from an institutional rate table located within the Unit Hierarchy. You may override the established/defaulted F&A rates for this award budget by editing the Applicable Rates column. You can enter a different rate for each fiscal year.
All applicable rates will be applied to line item costs within the Expenses page. Calculations will be performed automatically, based on the following criteria: Object code (cost element) type, Unrecovered F&A Rate Type, Over Head Rate Type, & Activity Type.
Recalculation After Save: After you make changes to this section and save the document, the budget is recalculated.
Column/Button |
Description |
Description |
The abbreviated name of the Research F&A rate type is displayed. |
On Campus |
Yes or No is displayed to indicate whether or not the rate type is on campus. |
Fiscal Year |
The associated fiscal year is displayed in yyyy format, and represents the fiscal year in which the Period Start Date falls. |
Start Date |
The Award Budget Period Start Date is displayed in mm/dd/yyyy format. |
Institute Rate |
The rates from the Unit Hierarchy rate table for the Activity Type of the Award Budget are displayed. If no activity type exists in the Award Details & Dates section of the Unit Hierarchy Institutional Rate table, 0.00 values are displayed. |
Applicable Rate |
Required. Institutional Rate values are populated and editable if override data has not been entered in the Award Rates section of the Commitments page. If no activity type exists in the Award Details & Dates section of the Unit Hierarchy Institutional Rate table, 0.00 values are displayed. |
Reset Rates |
Click the reset rates button to change all editable values in the column of a single budget to match the existing Institute Rate values (whether old or current – those which were brought in upon Award Budget creation or subsequent synchronization). |
Sync Rates |
Click the sync rates button to bring Institutional Rate and Applicable Rate columns on a single budget up to date with rates for the current budget period. |
Rate Types
The available rates out of the box are described below. These rate types can be configured to use (or not use and hide) as you desire at your institution to meet your needs. Only configured rate types will display as separate panels in the Rates tab.
- Fringe Benefits: The Fringe Benefits section identifies which employee fringe benefit rates will be applied to each Award Budget version.
- Inflation: The Inflation section identifies what inflation rates will be applied to each object code within an Award Budget version for future years. Inflation rates can be set by each institution, but generally map to the following ‘rate types’ on an object code level: employee salaries (of various types), student wages, tuition, and materials and services. The object code tables will list which object codes falls into each various ‘rate type’ as well as which object codes are inflation-bearing.
- Vacation: This is an optional section that may be implemented at the discretion of your institution based on need. The Vacation section identifies the vacation rates that will be applied to each Award Budget version.
- Lab Allocation – Salaries: This is an optional section that may be implemented at the discretion of your institution based on need.
- Lab Allocation – Other: This is an optional section that may be implemented at the discretion of your institution based on need.
- Other: This is an optional section that may be implemented at the discretion of your institution based on need. It identifies what other rates will be applied to each Award Budget version, and allows for individual institutions to populate rates which may be outside of those rate classes/types included in the base product.
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