(1) This Policy is effective from 14 February 2022. (2) This Policy established the process for receiving payment for individual small value consultancies and how the funds can be used. (3) This Policy applies to payments received for individual small value consultancies undertaken by Academic staff: (4) This Policy does not apply to Higher Education Research Data Collection (HERDC) reportable revenue (refer to Externally Funded Research Contracts procedure), teaching revenue or large scale consultancy projects. (5) Academic staff are encouraged to undertake individual small value consultancies as part of their academic duties that: (6) Individual small value consultancy funds must be managed and used in accordance with this Policy and other University policies, procedures and processes. (7) Payments for individual small value consultancy work must be received into a consultancy project account (Fund Type 6: Commercial Funds) owned by the Academic staff member who undertakes the consultancy. (8) Where an Academic staff member does not have a consultancy project account they must contact Finance to set one up prior to accepting the consultancy. Only one consultancy project account per Academic staff member will be established to hold payments covered under this Policy. (9) Invoices for consultancies must be raised in accordance with accounts receivable processes and the relevant individual small value consultancy agreement. (10) Consultancy project account balances should not exceed $15,000. The Chief Financial Officer may instruct account owners to spend any amount above $15,000 within a two year period or risk losing the funds. (11) Consultancy project account balances under $15,000 will be carried forward each year. The Chief Financial Officer may approve balances exceeding $15,000 to be carried forward into the following year, on a case by case basis, taking into consideration the University’s financial position at the time. (12) Consultancy funds may be used at the fund owner’s discretion and must be used for legitimate business expenses in accordance with University policies, procedures and processes in particular the Business Expenses policy, Procurement policy and Procurement procedure. (13) Consultancy project account owners must ensure that their account remains in credit and that no expenditure or commitment of funds exceeds available balance. (14) Individual small value consultancy funds are considered to be owned by Deakin. In the event a consultancy project account owner ceases employment with the University they cannot withdraw or take funds from their consultancy project account as salary or cash. (15) The Research Finance Team will regularly monitor consultancy project accounts and ensure that HERDC reportable revenue is not being transferred to consultancy project accounts. (16) For the purpose of this Policy:Individual Consultancy Payments policy
Section 1 - Preamble
Section 2 - Purpose
Section 3 - Scope
Section 4 - Policy
Section 5 - Procedure
Section 6 - Definitions
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