The JCPSG agreed to work with the OST in defining and implementing a methodology
for estimating the Full Economic Cost (FEC) of individual research projects
and appointed J M Consulting to extend the TRAC methodology to calculate the
FEC for research projects and non-research projects across the full range
of HEIs’ activities. 
Download
letter of 3 June 2003 from the Chair of the JCPSG to the sector.
J M Consulting worked with ten pilot sites, building on the TRAC approach.
A holistic approach was taken so that the new methodology is applicable to
the whole institution and Volume III of the Guidance Manual, containing a
full description of the methods to be used for costing research (and other)
projects on a full economic cost (fEC) basis was issued on 27 February 2004.
Guidance for the pilots was issued to the sector in 2004 so that all HEIs
may implement the revised methodology for all new Research Council submissions
by September 2005. Click here to download
the Terms of Reference and Membership of the TRAC Development sub-group
set up by the JCPSG to oversee the project to develop TRAC to activity and
project level on the dual support system.
The timescale for HEIs to implement the proposed changes is January 2005, with Research Councils requiring submissions on the new basis from September 2005.
The
DfES announcement provides additional information on the dual support
system.
Volume III of the TRAC Guidance Manual contains a full description of the
methods to be used for costing research projects (and other activities) on
a full economic cost (fEC) basis. The methods were described at a series of
workshops presented by J M Consulting in March 2004; copies of the slides
used may be downloaded. Institutions were required to participate in a joint
funding councils/research councils quality assurance process; and brief details
were sent to English HEIs in
HEFCE
circular letter 05/2004, dated 22 March 2004. Follow this link for
further
details on the quality assurance process.
HEFCE
circular letter 20/2004, dated 8 November 2004 provided key findings of
the first of two reports on the quality assurance work with the final report
due in spring 2005.
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