Stage 1 of the Chief Investigators Financial Reporting (CIFR) project is complete with the release of the new Chief Investigator Financial Reports.
What are we trying to achieve?
The University has been undertaking the 'Chief Investigator Financial Reporting Project' to make it easier for researchers to understand the financial status of each research grant.
This aims to reduce the amount of time required to administer and manage these funds. The project will deliver a suite of ten reports that were designed, reviewed and approved by a representative body known as the Chief Investigator Reference Group.
Stage 1 CI Financial Reports
As part of Stage 1, four reports have been developed and approved by the Chief Investigator Reference Group:
- CI Project Portfolio Financial Summary
- Sub Project Financial Summary
- Project Life Financial Summary by Budget Class
- Project Transactions.
Commencing Monday, 25 August 2014 these reports are released each financial period and available to Chief Investigators.
These reports are produced by the Performance, Planning and Measurement (PPM) team and are emailed directly to Chief Investigators or can be accessed via a link provided in the email. College Finance Managers and other administrative staff have access to the CI Financial Reports by logging into the Insight system.
Key benefits for Chief Investigators
These reports provide key information that will assist in the financial management of research project(s) including:
- bottom line at current financial period and whole of life of the project
- sub projects bottom line at current financial period and whole of life of the sub project
- current budget position for the whole project and amount of funds not expensed and income outstanding
- detailed listing of transactions including income, expense and commitments.
Stage 2 of the project is now in planning. Six additional reports with forecasting and scenario planning capability are being considered for delivery in mid to late 2015.
Further information about the Reports is available on the CI Financial Reporting Webpage on Performance Planning and Measurement website.