Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698059959870.pdf (Liberia)
Funding to master projects in collaboration with industry Overview With the establishment of collaboration agreements between Reykjavik University (RU) on one hand and companies or institutions on the other hand, new opportunities have arisen to provide funding to master projects in collaboration with a sponsoring company or institution.

Project selection process Collaborations funding master projects are open to all academic schools within RU, unless otherwise specified.
Project selection is managed and supervised by a selection commitee which is established for each such collaboration contract that RU is engaged in.

The committee members are representatives from both RU and the partnering company or institution.

All opportunities for funding of master projects should be openly announced within RU, either with a Call for Proposals with a specified application deadline or with an open call.
In cases where a call is made with a specific deadline, it shall never be later than two months before the first day of the semester, during which the project is to be executed.

Supervisors are responsible for submitting applications.

Applications should define the subject matter of the project, objectives, the involved supervisors, information about the student(s) who will work on the project if they are already known, duration, project costs and intended benefits.
The selection committee will select or decline proposed projects.

The results for proposed projects shall be announced no later that one month after the application deadline.

Cost allocation guidelines A budget plan with project costs shall in general cover costs pertaining to supervisors, costs for equipment and travels, student costs and part of facilities costs.
The specific criteria for these costs elements are as follows: • Resources for academic schools; As project supervision contributes to teaching duties, funding is allocated to cover the part of the otherwise planned teaching activities.

For 30 ECTS projects the amount is ISK 500.000 and for 60 ECTS projects the amount is ISK 750.000.

• Costs allocated to equipment and travels: These costs are limited to costs directly related to the project.
The resources that can be covered are necessary raw materials, specialized equipment, required software etc.

All general equipment, such as computers, tools, general software, etc., which is also used independent of the project will not be funded by the project.

Travel costs eligable for funding are limited to costs that arise directly from the project, due to travel to obtain data/material, due to collaboration established in connection with the project or due to dissemination of results.
• Student costs: Funding for students is dependent on project type and circumstances.

If the project can be regarded as within the mandatory curricula for the program in question, there is no obligation to provide funding for the student.

If the project is such that the student should be renumerated for work or other efforts beyond normal work on master's projects, then the renumeration can be in the form of tuition waivers or in terms of direct payment.
If the student is being paid directly, the monthly amount shall not exceed the salery reference for master's student, used for the Icelandic Research Fund.

Payment to students can either be direct grants in the form of a salary.

If it is in the form of a salary, salary-­‐realted costs shall be deducted from the reference salary.

If a tuition waiver is given and the student receives payment for his or her work, the overall funding shall be calculated as the sum of both.
• Facilities costs: Cost in this category will only be considered for funding by the project if the project requires speciel premises.

The costs should never exceed 10% of the overall project costs.

Individual collaboration agreements between RU and companies or institutions may in some cases exclude the funding of specific types of costs.

In those cases this should be taken into account in the project application process and when projects are evaluated.