Budget Development

  1. Where a Special Project envisages counterpart financial input by the University in terms of staff and/or other expenses, sources of funds for such expenditure shall be identified at the start of the project and prior approval obtained from the Principal or Campus Bursar.

  2. Where permitted by the Donor/Funder, project budgets must also include provisions for administrative and other overheads. An administrative charge up to a maximum of 20% of gross project income must be deducted to cover the additional administrative costs of departments involved in managing the venture,   for example, Faculty Office, Bursary, MITS, etc., as well as to provide a contribution to other overheads. The exact rate will be agreed between the Dean, Head of Department, Principal Investigator, and the Special Projects Manager in the Bursary (acting as the representative of the Campus Bursar) after a review of the scope of the work. Going forward, the Bursary will categorize projects according to administrative needs and assign percentage rates on that basis.

  3. Project budgets must capture all the operating and overhead expenses to be incurred by the project, such as printing and stationery, utilities, etc.  All additional capital requirements of the project must be covered by project funds, unless there is specific agreement up front to the contrary. Adequate provision must be made for staff costs in consultation with the Special Projects Section of the Bursary and the faculty.

  4. Expenditure not provided for in the project budget shall not be incurred. Where an exception becomes necessary, circumstances necessitating such an action will be recorded and the written approval of the Donor/Funding Agency shall be obtained by the Project officer before funds are spent. The Campus Bursar shall be consulted in all such cases.

  5. For projects where there is a significant risk of litigation, for example, those involving clinical trials in human subjects, the project document shall speak specifically as to who is liable in the event that a lawsuit arises . If the University is liable, provision must be made in the Budget to provide for insurance against this risk.