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It is the policy of ¹ú²ú¸£Àû¾«Æ·ÍƼö to retain fifty percent (50%) of all facilities and administration (F&A, formerly indirect costs) reimbursements to cover research-related overhead expenses incurred by the college. Unless otherwise restricted by the funding agency, the remaining fifty percent is divided between the principal investigator, the investigator's department, and the vice president for academic affairs as follows:

Principal Investigator

Fifteen percent (15%) of the reimbursement on each externally-funded grant will be deposited into a restricted account for use by the principal investigator. Funds may be used to conduct research, to purchase supplies or equipment, to cover the cost of travel to professional meetings for the PI and/or student researchers, or to cover the cost of consultant services. Funds may be used by faculty members to compensate for Davidson salary lost when buying down one or more courses, when buying down time during a leave of absence or to compensate for salary lost during a sabbatical. Fringe benefits will be applied according to college policies as outlined in the faculty handbook. Funds may not be used to augment the regular faculty salary during the academic year or the summer months. Any equipment purchased with indirect costs becomes the property of the college. Individuals leaving the employment of ¹ú²ú¸£Àû¾«Æ·ÍƼö forfeit any funds deposited into the principal investigator's indirect cost account. These funds will be transferred to the VPAA Indirect Cost Fund.

Departmental Discretionary Fund

Ten percent (10%) of the reimbursement on each externally-funded grant will be deposited in a restricted account for use by the principal investigator's department. Funds are administered by the department chair and will be used to supplement institutional cost-share on external grants, or to cover the costs of research-related expenses incurred by members of the department.

VPAA Indirect Cost Fund

Twenty-five percent (25%) of the reimbursement on each externally-funded grant will be deposited in a restricted account and may be used to meet the additional research needs of faculty who have been successful in procuring external research funds. Funds may be used as seed money for faculty conducting pilot research in anticipation of applying for external support. The VPAA Indirect Cost Fund may be used to provide interim support to faculty temporarily without extramural funding, to provide stipends (housing and salaries) for student research assistants, to cover travel costs associated with compliance workshops, or for matching or institutional cost-sharing obligations.

Approved by PAC on 01/14/2016; effective on new grant applications starting January 2016.