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fEC - Full Economic Costing
Full Economic costing, the Transparent Approach to Costing is being implemented in all UK Universities and Colleges, and represents a uniform approach to the costing of all HE activities. By 2005, all HEI’s should have embedded costing and pricing processes in place which will enable them to determine the full economic cost of all their activities. They should also be able to demonstrate the validity of their cost calculations through appropriate audit trails between summary reporting and base data.
Keele University is no exception to this, and has therefore been reviewing current systems and implementing new processes to ensure that we have the appropriate systems and processes in place to facilitate this activity.
In developing this system it is clear that, when allocating costs to activities we find that some costs cannot be directly allocated to one single activity, so we shall then need to apportion these costs to activities via cost drivers, i.e. the causes of the costs. One example is permanent academic staff cost, the cost driver in this case being the split of academic staff time between teaching, research, administrative and broader citizenship activities.
It is with this in mind the development of ‘activity diaries’ is required in order to give a robust method for the allocation of staffing costs.
The following is a list of Guides and Diaries for the fEC. To download, right-click the link of your choice, select "Save Target As" and specify where to download to.