Adequate salary support from grants tends to be cyclic. To this
end KSAS has revised the current banking system to assist investigators
if gaps in funding occur. The KSAS Banking system will allow faculty
members to bank funds indefinitely with only a one time 5% administrative
fee to defray the real costs associated with tracking the myriad
of accounts involved over the long term. The effective date will
be 1 July 1997 and will supercede the existing banking system which
was established 1 July 1979. Establishment of this revised policy
and subsequent accounts will not effect existing accounts or banking
arrangements made with the prior system.
Method of Banking
A faculty member wishing to bank funds from an existing grant will
submit a formal request in writing to the Associate Dean for Research
in KSAS stating the dollar amount of salary and fringe benefits to be
banked, the period of time of the banking and the sponsored account number
where the salary will be charged. (see Tools) The Research Dean will review
the programmatic implication of the request, and if there are no procedural
difficulties, forward the request to the Business Manager of KSAS for
implementation. The amount of money to be banked will immediately be charged
to the faculty member's grant(s) by their administrator. The amount saved
in academic base salary and benefits from the KSAS Salary Budget will
then be set aside in a separate account for future use by the faculty
member. While the primary intent of the KSAS Bank is for faculty members
to use these funds for future summer salary relief, these funds can be
used for any situations that arise consistent with the research mission
of the faculty member, their Department, and The Johns Hopkins University
(e.g. support for graduate students, travel, equipment, etc.).
Other Considerations
If banking involves funds from a grant from which the University normally
collects indirect costs, the grant will be charged the indirect costs
only at the time of banking.
If the faculty member uses banked funds for salary support, fringe benefits will be charged.
There will be no limit on the duration of time a faculty member can bank funds. If a faculty member leaves the University with banked funds remaining, the funds will remit to the Department.
Banking can only be done for 50% of the Academic Base Salary (ABS), preserving
the
remaining 50% for teaching responsibilities.
Once approval is obtained for Banking, the KSAS Business Office will send a signed form with the banked amount to the department. (See Tools.)
- Sample
banking request letter (MS Word format)
- Sample banking form (pdf format)
- Sample
spreadsheet (MS Excel format)
- Dean Ostrander's letter to faculty on the subject of banking, May 1997 (pdf format)
