CON Budget/Financial Principles and Practice: Difference between revisions

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====Faculty clinical practice revenue====
====Faculty clinical practice revenue====
<p style="margin-bottom:15px;">The College has a Clinical Revenue Distribution Plan for faculty who are providing direct clinical nursing services within their faculty role as negotiated through the CON’s Morehead Center for Nursing Practice. Revenue distribution is based on revenue exceeding expenses to the College, as follows. Faculty are encouraged to allocate at least some of their compensation to a Professional Development Account.</p>
<p style="margin-bottom:15px;">The College has a Clinical Revenue Distribution Plan for faculty who are providing direct clinical nursing services within their faculty role as negotiated through the CON’s Morehead Center for Nursing Practice. Revenue distribution is based on revenue exceeding expenses to the College, as follows. Faculty are encouraged to allocate at least some of their compensation to a Professional Development Account.</p>
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     <td align="left" width="50%">Faculty Member</td>
     <td align="left" width="50%">Faculty Member</td>

Revision as of 15:04, September 27, 2013

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UNIVERSITY OF NEBRASKA MEDICAL CENTER
COLLEGE OF NURSING
Budget/Financial Principles and Practices Subsection: Appendix E
Section - Information Originating Date: January, 2009
Responsible Reviewing Agency:
Executive Council
 
J:/RESOURCE MANUAL/Table of Contents College of Nursing Resource Manual


College Budget Priorities

  • Salary for faculty and staff
  • Faculty recruitment
  • Technology
  • Facilities for all divisions
  • Faculty travel to professional meetings at which PI or first author is presenting
  • Professional development for faculty and staff

Fund Distribution Guidelines

Extramural research funding

Extramural funding agencies (whether federal, state, or local for research or other special projects) should provide universities with faculty salary support and indirect cost revenue. In this way, universities are able to recover some of the costs incurred in doing such research or other projects. In turn, and to the extent possible within the context of the College’s missions, faculty grantees are released from their university responsibilities and spend this portion of their time and effort on the externally funded projects that are paying that portion of their salary.

Indirect cost revenue

Indirect cost return, also known as facilities and administrative (F&A) costs, results from extramural grants and contracts. F & A dollars are distributed to NU and UNMC, and the College receives a lesser portion. These funds are used by the Dean in service of the College’s research mission, and largely support the Niedfelt Nursing Research Center.

Salary supplemental compensation

Faculty who hold an appointment of at least .5 FTE and the academic rank of instructor or above are eligible for NU’s Supplemental Compensation Plan. The Plan pertains to faculty who are PI, Co-PI, or Co-I of an extramural research grant or senior Project Director or Co-Project Director of an extramural training or practice grant/contract. The issue of supplemental compensation applies only when a portion of the person’s salary is compensated by the grant/contract. By NU policy, maximum salary supplement is 50% of freed up dollars, not to exceed 25% of base University salary. The award of supplemental compensation is at the discretion of the Dean and depends on such factors as workload adjustments and costs of the project to the College. Department Chairs and Division Assistant Deans recommend salary supplement percents to the Dean. In addition, they encourage faculty to allocate at least some of their supplemental compensation to a Professional Development Account, given the limited College dollars for professional development and travel.

Faculty clinical practice revenue

The College has a Clinical Revenue Distribution Plan for faculty who are providing direct clinical nursing services within their faculty role as negotiated through the CON’s Morehead Center for Nursing Practice. Revenue distribution is based on revenue exceeding expenses to the College, as follows. Faculty are encouraged to allocate at least some of their compensation to a Professional Development Account.

Faculty Member 50%

Professional Development Accounts

Faculty Development Supported by Department/Division

Summer Salary

Budget Process