An EIC Overhead Charge needs to be included on each and every project operated through the consortium or that uses the consortium brand or platform to prepare the proposal. The standard rate is 10% of the total budget but a lower rate can be used if the project budget is very tight or the project doesn’t rely heavily on the consortium.
In addition to the EIC Overhead Charge, EIC is setup to be a fee-paying membership organisation. Eventually, all EIC operating and support costs will need to be paid by either the admin cost or the membership fees. However, all HR costs in EIC are currently volunteer-based. Neither Damian (Founder) or Demelza (Accountant) or any of our other volunteers are currently being paid although some of our IT support has been and continues to be on a contractual basis. The aim is to eventually be a members owned and operated consortium!
In the event that EIC revenue exceeds costs in any given year, this profit will be retained in the company to be re-invested in the consortium. Currently, there is no dividend or profit distribution from the company to members or owners.