FISCAL YEAR 2015 & FISCAL YEAR 2014 FRINGE BENEFIT RATES
The University uses fringe benefit rates to recover the actual cost of employee benefits from individual funding sources. The rate concept is to match a similar group of employees with the benefits provided to that group. While on an individual basis, an employee may not participate in all benefits, the use of benefit rates serves to apply an average percentage to all employees within the same group. Since these rates are applied to University grants and contracts, they are subject to annual audit by the Federal Government.
While FY15 rates will not go into effect until July, academic departments should incorporate these rates, as applicable, into proposals now being submitted for external funds.
FISCAL YEAR 2015 BENEFIT RATES:
EFFECTIVE JULY 1, 2014 - JUNE 30, 2015
FISCAL YEAR 2014 BENEFIT RATES:
EFFECTIVE JULY 1, 2013 - JUNE 30, 2014
Full time- Includes regular faculty and staff. Employees who have an appointment of 50% time or greater (>975hours) are eligible for the University contribution to its benefit program, are considered full time. This new rate is comparable to the previous Faculty and Staff rates.
Part time- Includes part time employees and Limited Duration employees who have an appointment of less than 50% time (<975 hours) and are not eligible for University contributed benefits such as health ins., dental, sick and vacation time. This rate is comparable to the previous minimum rate.