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New TRAC guidance that applies from 2014-15 has now been published. This is hosted on the HEFCE web site on behalf of all funders. The current TRAC requirements continue to apply for TRAC reporting for the year ending 31 July 2014, but once the 2013-14 TRAC reporting is complete, the HEFCE web site will become the sole resource for TRAC as well as financial sustainability materials.

Part III - Annual TRAC

Section E: Cost adjustments

  1. This is part of the pyramid of costs




    Cost attribution to activity
    part of the Costing Schematic diagram
    Time allocation to activity
  2. Two cost adjustments should be made to the costs in institutions’ financial statements to produce the full economic cost total used in TRAC. These are the:

    infrastructure adjustment; and

    cost of capital employed

  3. Guidance on these is given in document linkAnnex 15.
  4. A third cost adjustment – exceptional items – was used in the initial introduction of TRAC but no longer applies.

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