Managing the Finances
Many of Imperial's main funders require lead institutions to take responsibility for all third parties who undertake activities funded by a research grant or contract. The following guidance has been prepared for PIs, departments, project managers and Faculty Research Services teams to support the sound financial management of overseas research projects and ensure the appropriate retention of audit evidence:
Managing the Finances FAQs
1) Paying Overseas Third Parties
The payment terms will be detailed in the subagreement put in place with the third party organisation by the relevant Faculty Contracts team.
To reduce the risk of fraud, the College’s Accounts Payable (AP) team must also independently verify the bank details provided by all new third parties (referred to as ‘suppliers’) before payments can be processed. A Bank and Contact Information Form must be completed by an appropriate finance representative from the third party organisation who will then be contacted directly by AP.
2) Expenses for College Staff
Any expenditure incurred by members of College staff must comply with funder terms and conditions and with the College Expenses Policy. Where there is a discrepancy between the Expenses Policy and the funder's conditions, the more restrictive policy will apply.
More information is available on the Travel, Accommodation and Safety webpage.
3) Managing and Reporting Third Party Expenditure
The lead institution is responsible for activities carried out by third parties. Third parties are required to retain and provide auditable evidence of all expenditure incurred on the project upon request, including transaction listings, copies of supplier invoices, receipts, expenditure log books etc.