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  1. Research funding
  2. Full Economic Costing (FEC)

Full Economic Costing (FEC)

Full Economic Costing (FEC) comprises three main headings:

  1. Directly Incurred Costs
  2. Directly Allocated Costs
  3. Indirect Costs

1. Directly Incurred Costs

These are costs for items which are specifically for the project. For example, the salary costs of a post-doctoral researcher who is hired to undertake some of the research in support of the project.

Type of costResearch Council terminologyFP7 terminologyDescriptionPoints to consider
SalariesDirectly Incurred Costs: salariesPersonnel cost - direct costStaff hired specifically for the research projectDoes the work justify employing a researcher?
Is the salary scale point commensurate with the duties? If the researcher is required to have a PhD or equivalent, City requires the post to be Grade 6 or above.
Travel and other costsDirectly Incurred Costs: travel and otherOther direct costCosts incurred specifically because of the execution of the research project. This includes costs for travel, conference attendance, dissemination and office consumables.How many people are travelling, where are they going and why?
Consider all the project-specific materials you will need.
Studentships, tuition fees and equipment >£100KExceptionsNot applicable--

2. Directly Allocated Costs

These are resources used by the research project that are shared by other activities. For example, the salary costs of an academic already employed under a permanent contract with CIty.

Please note that Directly Allocated Costs is a Research Council term. As such, it is not recognised by the EC.

Type of costResearch Council terminologyFP7 terminologyDescriptionPoints to consider
SalariesDirectly Allocated - InvestigatorsPart of Personnel costCore academic staff: cost allocated to project on time spentHow much time will you spend on the project and what will you be doing?
You cannot include time for activities outside the grant period, e.g. later dissemination of the results.
Infrastructure, techniciansDirectly Allocated - other-Same as above - e.g. infrastructure, techniciansHow much time will need to be spent on the work?
EstatesDirectly allocated - estates costsNot applicable-This is calculated automatically in the spreadsheets according to time spent by staff undertaking the research on-site.

3. Indirect costs

These are automatically calculated by the spreadsheet. The figures are based on the time spent by researchers and investigators. The formula cannot be amended.

If the research project is a consortium bid led by City, the costs of external partners should not be entered on the City FEC spreadsheet. They should be entered into a separate spreadsheet summarising partner costs.