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 February 12, 2015 regarding measures to help the University meet its budget obligations, the overhead recovery fee currently being charged on actual revenues earned in non-1A unrestricted funds will remain at 7.5% in FY2020. This is unchanged from FY2019. The process for collecting and recording of this fee will continue to occur on a quarterly basis.
In the month following the end of a fiscal quarter, revenues earned in non-1A unrestricted, non- research-related funds (i.e. fund types 1B, 1C, 1D and 1E) during that respective fiscal quarter will be subject to a charge of 7.5%. The resulting amount will be posted to account code 700694 (Central OH Unrestricted Funds). The offset will be 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 honoured. Please refer to the Financial Services website for additional information using the undernoted link: Overhead Recovery
Should you have any questions concerning this overhead recovery fee, please contact Serge Bergeron (ext. 2988) or Ani Kotchounian (ext. 8090).
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