Money, space, and students constitute the main resources available to conduct research. The source and the distinction between unrestricted and restricted funds dictate how money can be spent. Sponsored project funds come from government agencies, private corporations, and private donors to support research and other university activities. They may be in the form of grants, contracts, or gifts, and they are always restricted. Indirect costs, also called facilities and administrative (F&A) costs, are budgeted to pay for facilities and administrative expenses incurred by the university on behalf of research projects. Methods for calculating the F&A costs and the F&A rate and for distributing reimbursed F&A funds are described. Accounting and tax benefits of gifts are examined from a legal perspective. In many ways, space constitutes a more valuable resource than money. Methods of obtaining new research space, such as revenue bonds and leases, are examined. Good students comprise the most important resource for academic research programs. The chapter concludes with a financial analysis of graduate student support.
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