X5 Training University of Cambridge
X5 Training University of Cambridge, Why do I need this?
- The University requires all research grant applications to be costed and its approval captured via the X5 costing tool
- The program allows a consistent approach to research costing and pricing including data input, output, management information and reporting
- Clear audit trails through a single, shared system
- Supports single department research projects and also complex projects that may involve costings and authorisation from multiple institutions, and the capture of multiple funders including different currencies
- Ensures due diligence is undertaken at the earliest point of the process
- Heads of Department have greater certainty of cost recovery, informing strategic decisions on individual grans and across a portfolio of activity
X5 Training University of Cambridge, How will it help me?
- Using salary information, non-staff costs, facilities costs, inflation assumptions, indirect and estate rates, , X5 enables Cambridge University researchers and administrators to accurately determine the full economic cost of research projects
- Applying predetermined scheme templates that reflect different sponsor rules, X5 can calculate the price to be charged to the selected sponsor for project activity, and captures cost recovery for authorisation, policy compliance and reporting purposes.
- The X5 triggers the due diligence process undertaken by the Research Operations Office, Research Accounting and International Strategy Office, as appropriate
- The X5 system records potential and actual research activity and is available to inform management decisions