Tenure-track faculty members who are able to put a portion of their academic base salary (ABS) onto external grants instead of general funds may, under considerations noted below, bank that general fund savings minus a 5% administrative fee charged to each banking transaction. The administrative fee defrays costs associated with tracking the banking accounts over the long term.
Considerations for Banking
Banking is allowed for up to 50% of the academic base salary (ABS), preserving the remaining 50% for teaching and service responsibilities.
Banking for faculty on sabbatical will be determined on a case by case basis with the vice dean for natural sciences.
Banking only may be done for external grant supported salary. Internal JHU funds (e.g., Discovery awards, start-up funds, etc.) are not eligible for banking.
If the faculty member uses banked funds for salary support, fringe benefits will also be charged to the banking account.
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.
Method of Banking
A faculty member wishing to bank funds from existing external grants 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 Business Office for implementation. The salary distribution to grants in the amount of the banking request must be shown in SAP at the time of the request. The amount saved in academic base salary and benefits from the KSAS salary budget will then be set aside in a separate banking account for future use by the faculty member.
While the primary intent of the KSAS bank is for faculty members to use these funds in the future to cover their FTE, these funds can be used for other purposes consistent with the research mission of the faculty member, their department, and Johns Hopkins University (e.g., support for graduate students, travel, equipment, etc.).
Once approval is obtained for banking, the KSAS Business Office will transfer the appropriate amount to the banking account in SAP and notify the department of the transfer via email.
Interim Vice Dean for Natural Sciences