What are “ICR” funds?
A. Indirect Cost Recovery funds (or “ICR funds,” as they are commonly referred to) are funds which the University collects from the indirect cost recovery (F&A) rates charged to grant funds. These fees are charged to cover the University’s overhead costs. The amounts billed to grant funds are based on a percentage of eligible direct expenses. Indirect cost is then charged as an expense to the grant fund and revenue is recognized in the ICR fund. A portion of the revenue is allocated back to departments as expense budget.
