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Faculty Funding Salary Model

PPD-1314

Definition
The faculty funding model is the most commonly used salary funding structure at VIMS for tenured, tenure-ineligible, and tenure-track faculty who do not serve in a senior leadership position. Under this model, VIMS will cover 70% of a faculty member’s Maximum Potential Annual Salary (MPAS); faculty may obtain funding external to VIMS of up to 30% of their MPAS. (Note that funds obtained via consulting and/or William & Mary/VIMS stipends are not included in the MPAS.)

Procedure

  1. Prior to the beginning of each fiscal year, faculty members will determine the availability of their external funding by meeting with their section/center financial officer. When collating external funding sources managed through the Office of Sponsored Programs (which is the most common source of support), an award must have been made to the Institute with an assigned Banner index number to be considered part of the 30%.
  2. Acceptable revenue Sources for external support are as follows:
    • Funded Grants and Contracts
    • Indirect Cost Accounts (IDC)
    • Fixed Price (FP) Residual and Other Revenue Accounts
    • Private Funds

  3. The “Evidence of Funding” document will be completed as indicated and submitted to the Finance Office for verification by May 31 each year. In addition to identifying faculty salary support, this document will also serve as evidence of funding for other externally funded priorities such as student stipend(s)/tuition and research staff. These obligations must be funded before a faculty member may allot funds towards the 30% of their salary.

  4. Recognizing that external funding sources can fluctuate due to economic and other conditions, this model offers faculty members an option, but not an obligation, to cover the full 30% of their MPAS. In the event a faculty member is unable to or chooses not to continue to secure external funding equal to 30% of their MPAS (for example choosing to spend these funds on other research-related items instead), their salary will be reduced equal to the amount of unfundedness and the reduction will occur on the date noted on the personnel action form (PAF). Salary can be readjusted in coordination with the section/center financial officer and the Office of Sponsored Programs if/when sufficient external funding support becomes available.

  5. Faculty should use their MPAS when submitting proposals for external grants and contracts.

  6. If a proposal is selected for funding but the funds have not arrived at VIMS, a short-term “loan” to cover a portion of a faculty member’s unfundedness may be available on a case-by-case basis. However, this must be repaid within the fiscal year. Otherwise, any unpaid loans will appear as an obligation that must be covered on their future Evidence of Funding documents.
  7. Questions or clarifications regarding this policy should be directed to the section/center financial officer or Offices of Finance/Sponsored Programs.