Grants for Private Sector Research and Development (GPSRD)

The Grants for Private Sector Research and Development? (GPSRD) scheme is no longer open for new applications. This is because of the announcement of research and development tax credits in the Government’s Budget 2007.

The following information is only relevant to you if you have a current GPSRD contract

Please note: All current contracts need to be completed by 30 June 2008. As per the contract, invoicing must be within sixty days.

Payment process

For approved applications, The Foundation? will grant a third of your new research and development investment against your quarterly reports using the Foundation’s online reporting portal (myFRST?) in which you will detail the expenditure actually incurred on your new research and development project.

The grant will normally be paid in equal quarterly instalments based upon the total approved value of the grant and the duration of the project. If progress against the research and development project plan varies from that proposed in the application, the Foundation may adjust these payments appropriately on a quarterly basis. No instalment, except the last, exceed one quarter of the grant value.

If a firm fails to proceed at a satisfactory rate with their proposed research and development project, the Foundation may terminate the grant.

All GPSRD grants include GST and are to be treated as income for tax purposes by the recipient.

Reporting

You will be required to submit a two page quarterly report to The Foundation before the payment of each quarterly instalment of the grant. You may be asked to provide further detail if your research and development project has varied significantly from the original plan.

You will also be required to complete a six-page report on completion of your project.

You may also be asked to participate in a survey to assess the success of the scheme, to be conducted 12 to 24 months after your project has been completed.