Policy on the University Library’s Distribution of Grant ICR Monies

University of Illinois at Urbana-Champaign Library                          Effective Date:

 

Issued by:  Library Executive Committee

Policy on the University Library’s Distribution of Grant ICR Monies

The current University policy for the distribution of grant ICR (Indirect Cost Recovery) monies is that the Urbana campus retains 55% of the ICR funds, and 45% is distributed to the unit. 

 When the Library receives ICR monies from a grant it will assess what liens, if any, for graduate assistant tuition and what "first call" (e.g., campus charges including space or administration) charges are placed upon the grant.  After these charges have been subtracted from the ICR funds, the Library will distribute the 100% net ICR funds from the grant as follows:

The BHRSC establishes an ICR account for each Library PI (or designated Library Senior co-PI in the case of a multi-unit grant with one or more Library co-PI’s) and deposits ICR funds generated from grants into the account.  The BHRSC notifies the PI when an account is established, and ensures that the PI has access to the account.  The PI may use these funds for travel, personnel, or other Library-approved expenditures.  The PI is responsible for the management and appropriate expenditure of funds.  Each year, an annual accounting of the use of the ICR funds from each grant will be provided to the University Librarian as well as to each Principal Investigator for a grant. 

This policy will be reviewed on an annual basis. 

Approved by the Executive Committee: February 10, 2003; Revised XX, 2016