Funds will be awarded to cover the full cost of new proposals. The Committee shall have the discretion to offer to fund, at full cost, a smaller project than the one proposed. The Committee may require applicants to identify complementary and collaborative projects related to their proposal to the Marsden Fund, including the full cost and sources of funding for such projects. Complementary purchases at full cost may take place, but shared funding in the form of one party paying direct costs and the other indirect costs will not be permitted. In deciding on the size of projects to be fully funded from the Marsden Fund, consideration may be given to the extent to which complementary work should be fully funded by sources of Crown funding other than the Marsden Fund.
Primary consideration is to be given to the above key criteria.
Secondary consideration may then be given to the cost of proposals. In disbursing the Marsden Fund, the Royal Society of New Zealand is acting as an agent of the Minister of Research, Science and Technology. The Marsden Fund shall be held in trust by the Royal Society of New Zealand, and shall be disbursed according to these terms of reference. Any interest earned on Marsden Fund monies shall be accrued to the Marsden Fund and not used for any other purpose. Advice as to how the funding shall be allocated will be sought from a committee called the Marsden Fund Committee.