13. Costing and Pricing

13.1 The University has agreed to adopt the principles on costing and pricing recommended by the Joint Costing and Pricing Steering Group (JCPSG) now being administered by HEFCE.

13.2 Staff undertaking research activity will maintain the records specified by the Treasurer to enable compilation of returns to HEFCE which meet the requirements of the Transparency Review.

13.3 Full costs, both direct and indirect, will be charged to research activity whether or not the funding arrangements permit full recovery. Actual recovery of research overheads compared to a full cost basis will be reported to the Executive Committee regularly.

13.4 All other income-generating activities must be self-financing or surplus-generating unless it is intended that a new activity is to be launched as a loss leader. If that is the case, the reason for it must be specified and agreed by the Budget Officer and the appropriate Faculty Dean or Division Head and must be contained within approved budgets.

13.5 Other income-generating activities organised by members of staff must be costed and agreed with the Faculty Dean before any commitments are made. Provision must be made for charging in full both direct and indirect costs in accordance with the University’s costing and pricing policy.

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