Adequate salary support from grants tends to be cyclic. The KSAS banking system allows tenure track faculty members to bank funds indefinitely with only a 5% administrative fee charged with each banking transaction. The administrative fee defrays costs associated with tracking the myriad accounts involved over the long term.
Method of Banking
A faculty member wishing to bank funds from an existing grant will submit a formal request in writing to the vice dean for natural sciences stating:
- The dollar amount of salary and fringe benefits to be banked
- The period of time of the banking
- The sponsored account number where the salary will be charged
The vice dean for natural sciences will review the programmatic implication of the request, and if there are no procedural difficulties, forward the request to the KSAS Office of Finance and Administration for implementation. The amount of money to be banked will immediately be charged to the faculty member’s grant(s) by their administrator. The amount saved in academic base salary and benefits from the KSAS salary budget will then be set aside in a separate account for future use by the faculty member. While the primary intent of the KSAS bank is for faculty members to use these funds for future summer salary relief, these funds can be used for any situations that arise consistent with the research mission of the faculty member, their department, and Johns Hopkins University (e.g. support for graduate students, travel, equipment, etc.).
If banking involves funds from a grant from which the university normally collects indirect costs, the grant will be charged the indirect costs only at the time of banking.
If the faculty member uses banked funds for salary support, fringe benefits will be charged.
There will be no limit on the duration of time a faculty member can bank funds. If a faculty member leaves the university with banked funds remaining, the funds will remit to the school.
Banking can only be done for 50% of the academic base salary (ABS), preserving the remaining 50% for teaching responsibilities.
Once approval is obtained for banking, the KSAS Office of Finance and Administration will send a signed form with the banked amount to the department.
There will be no limit on the duration of time a faculty member can bank funds.
Vice Dean for Natural Sciences
Senior Associate Dean for Finance and Administration