How to calculate 2nd and 3r and final payment.xlsx
Suppose calculations is as under as per NRPU policy please.
A. Total approved amount = Rs. 500000/- as per award letter
B. 1st instalment released = Rs. 175000/- as per award letter
Remaining amount yet to be released in 2nd, 3rd & final payments as per NRPU policy = Rs. 325000/-
Amount of 2nd & 3rd installment to be released as per NRPU policy = 325000 ÷ 2 = 162500/-
(equal for 2nd & 3rd instalment)
2nd installment will be released as per NRPU policy = 162500 - (Balance or Unspent amount) – Committed amount if any
a. Unspent amount = Rs. 20000/- as shown in annual expenditure statement submitted by PI to HEC
b. Committed amount = Rs. 15000/- as shown in annual expenditure statement submitted by PI
Note:- Hence unspent & committed amount must be zero at time of submission of annual expenditure statement.
C. 2nd installment released = 162500-20000-15000 = Rs.127500/-
Note as per NRPU policy: Next instalment is released after deducting previous unspent amount reflected by PI in his/her annual audited expenditure statement submitted to HEC. There is no provision of any committed amount. Principal Investigator must have to submit his/her annual expenditure statement after paying their all due payments of expenditures. Specimen of annual expenditure statements (1st, 2nd, 3rd & final) is available on HEC-NRPU web site under download option. All PIs are requested to please use same.
I. Total release amount (1st & 2nd) = Rs. 302500/-
3rd instalment to be released as per NRPU policy = 162500- unspent amount – committed amount- Retained amount
Unspent amount* = Zero/- as shown in annual expenditure statement by PI
Committed amount = Zero/- as shown in annual expenditure statement by PI
Note: Retained amount will be released after submission final annual reports & its satisfactory review.
Detail of retained amount is as under:
a. Final year honorarium of PI = 31000/- (if PI is assistant professor)
b. Honorarium of Co-PI = 36000/- (Co-PI is associate Professor)
c. 1/3 of audit account fee = 6666/-
d. Remaining ORIC share = 25000/-
Total Retained Amount = 98666/- (to be released as final payment)
3rd instalment released = 162500- Zero – Zero- Total Retained Amount
D. 3rd instalment released = 162500-0-0-98666 = Rs. 63834/-
II. Total release amount (1st, 2nd & 3rd) = Rs. 366334/-
Release of Final Payment as final annual report has successfully reviewed & reviewer has recommended release of final payments:
Final Payment to be released of total retained amount = Rs. 98666/-
PI himself adjusted his honorarium from unspent amount = Rs. 31000/-
Final payment released = 98666 – PI himself adjusted amount
E. Final payment released = 98666 – 31000 = Rs. 67666/-
III. Total release amount (1st, 2nd & 3rd & final payment) = Rs. 434000/-
Total amount withdrawn by HEC shown as unspent or committed as per NRPU policy = Rs. 66000/-
What are the formalities to get project closed and to get completion letter of the project that is in the end of the final year?
To get project colosed in end of the final year, and to receive project completion letter, Principal Investigator has to submit following document in the end of the final year of the project. That is mandatory for release of final payments (retained amount by HEC) as well:
a. Final Annual Progress Report (specimen is available under download page).
b. Project Completion Proforma (Codal Formality Proforma)-(specimen available in download page).
c. Consolidated Expenditure Statement duly Audited by the Resident Auditor of the Respective University (specimen is available under download page).