NEWS

Baystate Medical Center Recognized as Official Resident Chapter of American Geriatrics Society

The Resident Chapter Selection Committee voted to make Baystate one of its official resident chapters. Drs. Sandra Bellantonio and Maura Brennan, Geriatric Medicine Fellowship Program Director and Associate Director, have also been appointed co-chairs of a new AGS Education sub-committee for resident recruitment.

The AGS offers a number of opportunities for residents, including a website dedicated to resident opportunites and resources, and a free 1-year online membership that provides access to the full-text Journal of the American Geriatrics Society and other benefits.

In addition, the next annual AGS meeting will see teams of residents competing in a Jeopardy-type competition, the annual meeting of the Special Interest Group for Residents, new workshops to develop clinical skills for trainees, an expanded mentoring program, a residents-only poster session, a trainee led community outreach initiative and perhaps a fellowship fair for residents.

Distribution of Indirect and Residual Funds Policy Revamped Over Last 15 Months

With a newly approved policy and the necessary procedures in place, FY 05 and 06 distributions according to the new polic were made in July and August. FY 07 distributions are planned for January 2008, with annual distributions to be made each January thereafter. Indirect distributions are based on actual revenue received, not on awards made or contracts signed. Adjustments to indirect distributions include Federal salary cap offsets, and for other unique prearranged offsets.

• Indirect costs for Federal studies are based on the approved BMC Federal rate, which is 60% of direct costs in FY 08.

• Industry-based projects are charged an indirect rate of 25% of direct costs.

Indirect funds must be used for research-related expenses and receive both Department Chair and SPA approval.

New Accounting System/Residuals

As part of the process for transfer of studies to the new Lawson Grants Management Accounting System, a review of closed studies has been completed. Closed studies with positive balances have had funds transferred to individual Principal Investigator activity accounts.

In the future, upon financial close of a study, residuals will be distributed to Principal Investigators after taking into account any unfunded expenses for that Principal Investigator. Residual funds must be used for research-related expenses and receive both Department Chair and SPA approval.

New Grants Management Financial Reporting System

For many research areas, monthly financial reporting in the new Grants Management Accounting System will be available for September 2007 statements. The Lawson ebroadcast system is the vehicle to view financial statements, which will include details down to the individual study level, and are summarized by Principal Investigator. Those few areas that have not yet migrated to the new Grants Management Accounting System are still be utilizing the “alpha” based cost centers.  If you have any questions, please call 4-4356.

(Download Research Indirect and Residual Funds Policy pdf from e-workplace.)