Purpose and Scope

This guideline outlines the principles and requirements for the utilization, management, and reporting of funds granted under the Asian Young Scientist Fellowship (AYSF).

It applies to all AYS Fellows and their host institutions receiving financial support from the Foundation.

Management Fee and Indirect Cost Policy

2.1 Prohibition of Management Fees and Indirect Costs

In accordance with the regulations on fund utilization ratified by AYSF Committee, the Foundation does not permit any institution to charge management fees, overhead, or indirect costs of any kind.

This policy ensures that the Fellowship funds are maximally directed to the selected Fellow for research and professional development purposes.

“Unrestricted Fund” Principle

Funds awarded under the AYSF follow the unrestricted fund principle, defined as follows:

3.1 Full Spending Autonomy

Fellows have full discretion over how the funds are utilized. Allowable uses include, but are not limited to:

1) Fellow’s salary supplementation;

2) Hiring of Ph.D. students, postdoctoral researchers, or other research personnel;

3) Purchase of laboratory equipment, consumables, software, or research tools;

4) Participation in overseas conferences, workshops, academic visits, or collaborative research activities;

3.2 No Budget Pre-approval Requirement

The Foundation does not require submission of a budget plan, expenditure breakdown, or justification prior to spending.

3.3 No Additional Administrative Procedures

No additional internal process management, midterm reviews, progress reports, or approvals are required by the Foundation beyond the Fellow’s home institution’s standard practices.

3.4 Compliance with Institutional Regulations

All expenditures mentioned above must comply with the financial, procurement, and audit policies of the Fellow’s host institution.

Grant Period and Fund Validity

4.1 Five-Year Grant Term

The grant is valid for five (5) years from the commencement date specified in the grant agreement.

4.2 Return of Unspent Funds

Any remaining balance at the end of the five-year term must be returned to the Foundation unless otherwise agreed upon in writing.

Fund Transfer and Continuity Policy

5.1 Fellow Relocation

The grant is designated exclusively for the selected Fellow.

If the Fellow changes institutional affiliation during the grant period:

1) The unspent balance must be returned to the Foundation by the original institution; and

2) The Foundation will subsequently transfer the remaining funds to the Fellow’s new institution to ensure continuity of support.

Audit and Financial Reporting Requirements

6.1 Flexible Reporting Format

Given the Fellowship’s multi-regional and international nature, the Foundation does not impose a standardized format or template for financial or audit reports.

6.2 Institutional Compliance

Any audit report, financial statement, or expenditure record will be accepted if it:

1) Complies with the host institution’s financial regulations; and

2) Bears the institution’s official seal or an authorized signature.

Such documentation is sufficient to meet the Foundation’s audit requirements.

Amendments

The Foundation reserves the right to revise this guideline. Any updates will be communicated to Fellows and their institutions in advance and will not retroactively affect grants already awarded unless mutually agreed.