Facility Costing & Management
Ensure full cost recovery of your facilities and generate auditable rates compliant with the main sponsors’ terms and conditions, while providing all the required information for the annual TRAC process. With a simple interface and clear instructions, this flexible tool allows you to test multiple scenarios and consider future impacts. The underlying principles have been approved by the University of Oxford Assurance Team, giving you the confidence to generate rates, charge out internally and externally, and properly manage your facilities.
- Create a simple costing with one service or more complex costings for facilities with multiple services or products.
- Taking into account direct costs as well as the hidden indirect costs that the Department may burden for the facility, such as depreciation and infrastructure charges.
- Reduce financial liability and audit queries by complying with sponsors’ terms.
- Manage your facilities throughout the year with the quote/estimate generator and log, usage monitor and receipt generator, modules that provide an integrated workflow.
- Check current financial position throughout the financial year, comparing it against forecast.
- Designed for non-Excel experts; forms and buttons drive an automated workflow, minimising errors and saving you time.
What do users say?
“This tool has been very useful and has allowed us to much more accurately cost the full price of services for our small research facilities and as a consequence we have greatly improved the finances of one of our SRF’s which had been running at a loss. I have four Small Research Facilities set up with this tool to manage them and they are all working well. The tool is easy to use and makes the financial management and tracking of income to the SRF easy.”
Leonora Dempsey, Business Manager, NDM Research Building
“The SRF tool is helping us as a department to ensure our service facilities are running efficiently. Where there are concerns with a facility, reviews will be easier as the data with the relevant costs are held in a more systematic way.”
Lara Nash, Finance Manager, Wellcome Trust Centre for Human Genetics
Step-by-step instructions guide you through the process of costing your facility. Once completed, future updates at the beginning of each financial year are straightforward.
Support is available should you require assistance with the initial set-up. The designer of the tool, Mark McDermott, has created costings for over fifteen scientific facilities, some of which have since recovered their costs for the first time. Mark can work with you and your researchers, first taking the time to understand the mechanics by which the business plan operates and then advising on the most effective options.
If your facility is used for teaching as well as research, these costs can be removed when costing.
Local IT or PC set-ups should be no problem, however if technical problems do arise, we will assist in resolving these.
The template will be updated annually, ensuring methodology remains up-to-date to stay abreast of funders terms and conditions and that any changes to R12 reports are taken into account, etc.
Screenshot of Rate Calculation
Or if you have any queries, contact Mark McDermott (email@example.com).