Research finance unit
The Research Finance Unit is responsible for the administration, planning and control of the Research Services Division’s finances and for ensuring compliance with statutory requirements of the University, funding bodies and professional accounting bodies.
The Unit’s functions may be summarised as follows:
- Planning and maintenance of budgetary and accounting systems to aid research and administrative staff in carrying out their financial management responsibilities;
- Provision of advice to research and administrative staff on financial matters;
- Provision of management and financial reporting services for internal users, government agencies, and funding bodies;
- Ensuring the Division complies with the statutory and regulatory requirements involved in the financial and related operations of the University.
- Development and implementation of the annual operating budget and the Capital Management Plan;
- Maintenance of the information which is recorded in the financial information systems to ensure staff has access to accurate financial data on a timely basis.
Where Finance can assist:
- Providing financial information on successful projects. Each successful research project will have a signed Agreement with the relevant funding body. The Agreement will include the project budget which details the expected breakdown of the costs and grants over the term of the agreement. A copy of the budget is available to researchers and we would encourage researchers to obtain the budget from our office to assist with the financial management of their project.
- The raising of invoices to the funding body is performed within the Finance Unit. The raising of invoices is dependent on certain milestones being achieved and for this reason it is important that researchers communicate with the grants and finance office. Invoices need to be raised on a timely basis to ensure that Research Services manages their cash flow requirements effectively.
- Finance reports required by funding bodies are produced by the finance office in compliance with the Agreement. The reports produced are based on information recorded within the financial information systems and require the sign off by the Finance Manager and/or Deputy Vice-Chancellor Research. Researchers should be familiar with the expenditure within their projects and will be asked to review and approve the finance reports prior to submission to the funding bodies.
- Research staff are reminded that GST is excluded from all internal figures pertaining to their respective projects. For ATO compliance purposes, GST is added to invoices to funding bodies and staff are reminded that any suppliers’ invoices that are to be paid will require a tax invoice. A complying tax invoice must include the words tax invoice, the suppliers ABN, and the gst applicable is to be disclosed. If the supplier is exempt from gst, the invoice must state that this is the case.