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Managing Study Finances

The Chief Investigator is responsible for managing the resources required to deliver the study throughout the study life cycle ensuring that it is delivered to time, to target and within budget.

Noclor do not manage research budgets, they are not the budget holder and do not have responsibilities for administering the funds on a research project1.  The responsibilities for managing funding/grant awards are retained by the budget holder (the Trust that has received the funding) in line with local Trust policies, Standard Financial Instructions (SFIs) and according to the requirements of the funder contract (prime contract). Noclor can provide support and guidance to the Chief Investigator and local finance department where this support is requested.

The claiming (invoicing) procedures for a specific study should be clearly specified in the financial schedules of contracts/agreements.

The Chief Investigator should review the research budget against expenditure on a quarterly basis (minimum requirement) and provide these budget reports to Noclor (Senior Management Accountant) where a Noclor partner is sponsor of the study.  Noclor can retain oversight of the progress of a research study (on sponsor behalf) ensuring that it is meeting agreed milestones and will offer advise/support where appropriate (for example, problem solve where the study is facing difficulties due to an expenditure not being envisaged during the costing stage of the funding application).

The Chief Investigator should inform the Noclor Sponsor Representative of any changes to completion dates or budgets (as these may require amendments to the study or contracts).

Copies of all financial records (including start certificates) and reports should be retained in the Study/Trial Master File (S/TMF).

[1] With the exception of Central & North West London NHS Foundation Trust for which Noclor is an authorised budget holder of research grants.