Archives—November 2015

FY16 Fringe Benefit Rates Update

The Office of Naval Research has recently approved the fiscal year 2016 predetermined Fringe Benefit rates for Michigan Tech effective July 1, 2015. This predetermined rate agreement replaces the provisional rates communicated in the memo to the Deans, Chairs and Directors on July 1, 2015. This final rate agreement consists of two rate changes from the provisional rate agreement and is effective retroactively to July 1, 2015. The graduate student rate has changed to 7.7% from 9.4% and the temporary employee rate has changed to 9% from 12.5%.

These approved fringe benefit rates should be used on all Sponsored Programs proposal budgets as of the date of this memo. All funds, including sponsored projects, will be charged these new rates retroactive to July 1, 2015. Sponsored Programs Accounting will contact departments and Principal Investigators if a sponsored project that has been closed or is in the process of being closed is affected.

In accordance with the Fiscal Year 2016 approved Predetermined Fringe Benefit rate agreement, the rates effective July 1, 2015 are as follows:

· Regular Non-Student Employees Rate 37.5%

· Summer/Additional Compensation Rate 20.0%

· Graduate Student Rate 7.7%

· Temporary Employees Rate 9%

· Undergraduate Student Rate 0%