Transparent Approach to Costing (TRAC)
TRAC is the methodology used by higher education institutions (HEIs) in the UK for costing their activities. HEFCE has supported the development and implementation of TRAC in HEIs since its inception and seeks to ensure that TRAC is fit for purpose in meeting institutions' and stakeholder needs.
Governance
TRAC is governed through two tiers that cover high-level areas of policy and its broader development. These are:
- Financial Sustainability Strategy Group (FSSG)
The FSSG is a high-level forum established to consider the strategic, policy, cultural and technical issues around the use and development of TRAC. The latest letter from the group's Chair examines some of the current issues affecting financial sustainability in the higher education sector. - TRAC Development Group
The group considers developmental issues and supports the use of TRAC in understanding and managing financial sustainability.
In February 2009, the FSSG published a review of the sustainability of learning and teaching. This review examines a broad base of evidence and recommends actions for institutions, the higher education sector, and the Government to assure the sustainability of learning and teaching.
Guidance and validation
A set of consolidated TRAC guidance (issued June 2005) and periodic updates are available on the web-site of the Joint Costing and Pricing Steering Group (JCPSG).
The JCPSG site itemises details of revisions to the Guidance, including changes to the cost adjustments.
We have also put together a validation checklist designed to help institutions consider their TRAC results. It was produced by JM consulting with input from pilot institutions, and has been approved by the UK funding councils.
Validation checklist (April 2006)
[ Download Validation checklist (April 2006) as MS Word 49K | Download Validation checklist (April 2006) as Adobe PDF 32K ]
Support Unit
The TRAC Support Unit provides a range of support services for TRAC. KPMG has now taken over responsibility for running the TRAC Support Unit offering a range of support services
Default cost rates 2008-09
The TRAC dispensation default rates have been announced, to be used when applying to the Research Councils and other public bodies for grants for research projects on a full economic cost basis.
Further details
Further details and guidance on the TRAC project can be found at the JCPSG web-site.
Last updated 17 May 2010