The university's fiscal year ends June 30, 2013.
I want to provide you with an important update about the university's Facilities and Administrative (F&A) Rate Agreement for federal sponsored programs. We recently negotiated an extension to our current rate agreement for the period starting July 1, 2014 and ending June 30, 2016. Based on current volume of research and sponsor mix, each indirect cost percentage point generates approximately $4.5 million annually and the university received approximately $250 million in indirect cost recovery in FY 2012.
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