Controller's Office Updates

December 19, 2018

Business Officers,

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!

Thank you,

Selina Martin