Version 3.1 of the Transparent Approach to Costing (TRAC) guidance is now available. This version should be used for TRAC returns for the academic year 2025-26.
Updates include:
- Clarifications on the calculation of the separate MSI for student residences and definitions of types of residences arrangements
- Clarification of definitions for the sub-categories of other activities reported in table 6 of the annual TRAC return – specifically Other (academic departments) and other (standalone enterprises).
- A reminder about the latest date for compliance with the new requirements for collecting time allocation survey data using the in-year retrospective method, introduced in 2024-25.
- Clarification on the allocation of interest costs.
- Clarifications for calculating departmental research charge-out rates, and a reminder that if these are calculated they form part of the TRAC return as well as research facilities rates, and should be reviewed and approved by the TRAC oversight group
- A change log is provided at annex 1.1a that identifies all updates.
Please note that a few annexes will be updated later in the year, so please look out for further announcements.