New Rate Agreement 7/22/2022

Aug. 16, 2022

Our new rate agreement, dated July 22, 2022, reflects an increase in the overhead rate to 64% as of 7/01/2024. For proposals that have budget periods starting 7/1/2024, 64% should be used beginning 7/1/2024. Prior budget periods must still use 62%. The ERA tables were updated the afternoon of 8/10/22. This update reflects the change as of 7/1/2024 and a blended rate will calculate in ERA based on the number of days in each period. For example,  if the budget period is 9/1/2023-8/31/2024,  62% will be used for 10 months (9/1/2023-6/30/2024) and 64% will be used for 2 months (7/1/2024-8/31/2024).

Additionally, the F&A rate question #3 on budgets created prior to the Princeton ERA rate update on 8/10/22 that are currently in editable states (e.g. Draft) will change to No, and the F&A rate that was used will appear in the non-standard box as seen below. To update to the new rate, change question #3 from no to yes,  which will change the rate on the budget and re-calculate the amounts.  For proposals created in Princeton ERA after 8/10/22, the new F&A rates will automatically be applied.

Please note that the fringe calculation tool is no longer needed because the fixed and provisional fringe rates are both set at 36%.

The rate sheet has been updated and if you have any questions, please reach out to your GCA. For Princeton ERA questions, please contact [email protected].