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How does grant money pay you?
Economist
ef50salary comes in the form of a direct deposit every month. Grant money comes earmarked for a specific purpose, and sometimes comes in the form of a check. Grants are supplementary to salary, although some institutions like to keep salaries low to create an incentive to win grants
Economist
bc53Usually funds RAs, breh.
Economist
72bdThat is not true. You can pay yourself out of a grant, but it depends upon the sponsor. Some grants are so small that it would be pointless to pay yourself and use it instead for hiring an RA or purchasing equipment. Also, some sponsors have rules on how funds are to be spent, which may exclude salary for the investigators. Otherwise, especially with federal grants, there is a long tradition of paying oneself for grants. This could be in the form of "summer support" or "course buyouts."
you cant pay yourself money out a grant, you are confused
Economist
7c17you can pay yourself out of grants in the sense that if you have a 9 month salary from the university then your grants can cover the extra 3 months, but the rate is just your normal monthly salary * 3 months, you cant just write down anything
course buyouts are different, that isnt salary, its just being given a lower teaching load
Economist
72bdYou cannot double your salary. Your institution sets your salary. However, you can buy out your time. For example, say that your 9 month salary as a professor is $90,000. Your university charges you 20 percent of your time to buy out a course. Then you can write a grant proposal to pay for that course buyout. It will cost $18,000 plus whatever fringe rate your university charges. A typical fringe rate is 30 percent, so in this example it would be $24,000 ($18,000 + $6,000 in fringe).
You can also use a grant to support yourself during the summer. For example, Universities do not typically pay you during the summer. For a lot of grants, you can request up to 2 summer months of pay or two-ninths of your 9 month salary. In the example above, that is $20,000 plus fringe.
Is there any limit on the amount you can pay yourself (as extra salary) by a grant? Suppose you make 100k from your AP position. If you have a grant of $1M, can you double your salary to 200K?
Economist
65adDirectlt: We can receive up to 3 months summer funding at my university. After that it's just money to spend in stuff: course buyouts, data, IT, students, travel, etc.
Indirectly: Consistently bring in big awards and you'll start getting better raises. University's need those high indirects and don't want you to jump ship. Anyone with lots of grant funds and work anywhere and universities will pay for it.
