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Strategic Research Investment Funds Process Changes

Accounting Services, in conjunction with the Division of Research & Innovation Office, have commenced the roll-out of a new process for Strategic Research Investment Funds (previously known as Research Strategic Initiatives). The changes are to help streamline the current monthly reimbursement process, and give greater visibility of remaining funds to chief investigators.

The Internal Research Co-Contribution Guidelines have been updated to reflect the new changes.

The key responsibilities are summarised in the table below:

Responsibility Negotiation Financial Set Up Life of SRIF Contract Closure
Division of Research & Innovation Office

Agree support and funding years for newly committed SRIF initiative

Communicate details to RMA

Store supporting documentation in local file

Research & Management Accounting

Create new 19 project and contract record in PeopleSoft finance system

Set up yearly milestones for transfer of funds

Provide details of new project code to CI and Faculty / Division Finance

Transfer funds to 19 project code(s) based on milestone dates (January 2021 for 2021 funding year and February each year thereafter)

Clear surplus funds / deficit

Close 19 project code

Division / Faculty Finance Self serve via BI report

Self serve via BI report

Journal expenses not allocated correctly at source

Advise project code to clear deficit
Chief Investigator / Project Manager View project in ORBIT

View project balances in ORBIT

Frequently Asked Questions

  • What are the key changes to the Strategic Research Investment Funds (SRIF, previously Research Strategic Initiatives) process?

    The key changes are as follows:

    • Strategic Research Investment Funds will be managed from 19* fund code projects (i.e. project codes commencing with “19”) in a single cost centre only
      • Strategic Research Investment Funds will be provided up-front annually                                                    Example: An initiative for a two year period commencing 1 January 2021 for an investment of $50,000 in the first year and $100,000 in the second year.

        - Discretionary funding of $50,000 will be transferred in January 2021 for the 2021 funding year

        - Discretionary funding of $100,000 will be transferred in February 2022 for the 2022 funding year

    • Unspent funds at the end of the calendar year will automatically roll over into the following year for expenditure (no requests for deferred expenditure will be required)
    • In the event that any strategic allocation is no longer required by the agreed initiative end date, after review and consultation, the unspent funds will be returned to the DRI Office for further investment in research.
    • Project deficits are the responsibility of the Chief Investigator.
  • What does the change in process mean to a Chief Investigator?

    New Projects

    • An email notification will be sent to Chief Investigators informing them of the newly created project code to be used for expenditure of Strategic Research Investment Funds from 1 January 2021
    • Strategic Research Investment Funds for 2021 will be transferred in January.
      • If applicable, Strategic Research Investment Funds for subsequent years will be transferred annually in February.                                                                                                                                                      Example: An initiative for a two year period commencing 1 January 2021 with a committed investment of $50,000 in the first year and $100,000 in the second year.

        - Discretionary funding of $50,000 will be transferred in January 2021 for the 2021 funding year

        - Discretionary funding of $100,000 will be transferred in February 2022 for the 2022 funding year

    • Unspent funds at the end of the calendar year will automatically roll over into the following year for expenditure (no requests for deferred expenditure will be required)
    • In the event that any strategic allocation is no longer required by the agreed initiative end date, after review and consultation, the unspent funds will be returned to the DRI Office for further investment in research.

    Existing Projects

    • An email notification will be received when an existing RSI (13*) project code will be closed and a new (19*) project code re-issued for expenditure of Strategic Research Investment Funds from 1 January 2021.
  • What happens if I already have a project code for my RSI project?

    Existing RSI (13*) project codes will be closed effective 31 December 2020, with 2021 expenditure to be allocated to the new 19* project code.

    Chief investigators will be notified via email where an existing RSI (13*) project code has been closed and replaced with a new 19* project.

  • How do I know when Strategic Research Investment Funds are due to be transferred?

    As a general assumption the 2021 transfer will occur in January 2021.  Subsequent transfers are due annually each year in February.

    The Cognos Business Intelligence Internal Contribution Report previously developed for internal contributions towards externally funded research grants can also be used to find out relevant information about approved Strategic Research Investment Fund initiatives. This report is available to Faculty / Division Finance staff.

    The Internal Contributions section of the ORBIT General Details tab for each 19* project code will display information on internal milestones. The information displayed includes the Schedule Date, Amount, Status and Completion Date (where applicable).

  • What if I have queries about my Strategic Research Investment Funds? 

    Queries regarding Strategic Research Investment Funds should be directed to the Research & Management Accounting team at finmar@adelaide.edu.au