December 19, 2018
I’m pleased to share the following important updates from our office:
- FY 2018 Financial Report. The University’s FY2018 Financial Report is now available at https://afr.fo.uiowa.edu/annual-reports. Please take time to look through the report and share the link with your staff & colleagues. The annual audited report is developed by Accounting & Financial Reporting staff in collaboration with many units across campus - thank you sincerely for your contributions!
- New F&A Rate. The University recently completed negotiations with the federal government and received a new F&A rate agreement. With the new agreement, the current on-campus F&A rate of 52.5% of Modified Total Direct Costs (MTDC) will expire on June 30, 2019 and starting July 1, 2019 will be 54.5% of MTDC. As in the past, different rates apply to off-campus projects, instructional projects, training grants, corporate-funded clinical trials, etc. The new rates will apply to new and renewing awards that begin on or after July 1, 2019. Copies of our F&A Rate Agreements are published at https://fa.fo.uiowa.edu/facilities-administration-fa-rate.
- Proposed Fringe Benefits Rates. The proposed FY2020 fringe benefits charge rates are published at https://afr.fo.uiowa.edu/fringe-benefit-accounting/currentprojected-fringe-benefit-rates. The rates are not to be considered final until they are negotiated with our cognizant federal agency this spring (DHHS). We will let you know when FY2020 rates are approved & final. Estimated fringe rates for FY2021-FY2022 are also published – these are projections only and will be adjusted in future years prior to rate negotiations. Please share this information with others as appropriate.
- 2019 Quarterly Business Officers Meetings. The 2019 quarterly meetings are scheduled and published at https://controller.fo.uiowa.edu/business-officers. At the January 31st meeting, we will provide presentations on the following topics (among others): Proposed Fringe Benefits Rates, Overview of New F&A Rate, Projecting Your Indirect Cost Recoveries.
I hope you have a wonderful holiday break that is blessed and rejuvenating!