Rules about the Science and Research Fund

1. Article. Name and venue

The fund is called the Science and Research Fund of South Iceland and operates with the structure and objective stated in this Regulation. The home and venue of the fund is in
Selfoss.

The fund is established under the auspices of Fræðslunetið – Lifelong Learning Centre (Fræðslunet Suðurlands ses.), but as of 2010 the University Centre of South Iceland is also a member of the fund.

From the beginning of the year 2022-2023, Fræðslunetið – Life Long Learning Centre (Fræðslunet Suðurlands) resigns from the fund and thereafter the University Centre of South Iceland is the sole coordinator, and its rules and operations will take this into account.

2. Article. Objectives of the Scientific and Research Fund

The objective of the Science and Research Fund is to support students who are working on a final degree project for research work in South Iceland in accordance with the resolutions of the University Centre of South Iceland.

3. Article. Board of Trustees

The Board of Directors of the Fund shall consist of three members and three alternates, and that board shall be appointed by the Board of Directors of the University Centre. The fund pays for the work of board members.

4. Article. Income and expenditure of the Scientific and Research Fund

The income of the Science and Research Fund is based on voluntary contributions from the fund’s sponsors. A written agreement of at least 3 years shall be sought with each sponsor defining their contributions. A list of fund sponsors and contributions shall be attached to the annual accounts of the University Centre of South Iceland.

The fiscal year of the Science and Research Fund shall be the calendar year. The fund is transferred with a special chart of accounts in the books of the University Centre of South Iceland, and the income and expenses of the fund shall be clearly distinguished from the other operations of the company. The University Centre of South Iceland shall be responsible for overseeing of finances of the fund and other work necessary to ensure the operation of the fund,and expenses associated with the administration of the fund shall be paid out of the fund.

If the fund is for any reason abandoned, it shall accrue to the University Centre of South Iceland as it is at that time.

5. Article. Applications for grants

Applications for grant funding shall be advertised in the media and on the website of the University Centre of South Iceland before the end of November each year. The results of grants shall be available no later than February 1st. each year.

The application form shall be on the website of the University Centre of South Iceland and applications shall be submitted electronically. With the application, the applicant shall provide a detailed report on project deliverables concerning the start and completion of the work. The applicant shall also clearly explain the importance of the project to South Iceland and how its results may benefit the region. The Administrative Board may seek the opinion of experts before deciding on the grant.

6. Article. Allocation rules

The conditions for granting the subsidy shall be the following:

1) The research project shall be a final project towards a BA/BS or equivalent or higher degree. The assessment of the eligibility of a project shall take into account the degree to be pursued by the research project. The project completed by the application deadline shall not be eligible for funding. The Board of Trustees reserves the right to seek a certificate from the supervisor that the project has not been completed.

2) A research project must be unambiguously related to South Iceland and the task must address circumstances/challenges related to South Iceland.
The project shall serve an unambiguous professional/academic purpose for the South or part of the South.

3) When evaluating the project, consideration shall be given to how likely it is that the results of the project may lead to further economic development, promote further research, and overall serve the interests of South Icelanders.

4) The beneficiary undertakes to present the final results of the work in the form of lectures, a summary for the website and/or course in collaboration with the University Centre of South Iceland, at no further cost to the University Centre.

5) The author undertakes to authorize the University Centre of South Iceland to distribute the project in up to 20 copies to parties in South Iceland free of charge.

6) The allocation is valid for 12 months. If the beneficiary has not used the grant during that time, the funds will go to the Science and Research Fund again and will be deposited into the allocation fund.

The Board of Directors reserves the right to reject one or more applications or request revision of the project and/or cost estimate. The board may decide to allocate the total grant to one applicant or split it among several applicants. Applications which prove impossible to support will be rejected.

7. Article. Allocation and promotion

The Board of Trustees shall notify applicants of its findings as soon as it is available.

A grant agreement shall be concluded with the beneficiaries concerned.
The contract covers provisions concerning the starting and completion time of the work, the execution of presentations and further timing of project milestones. The contract shall also specify how payments for the grant
should be arranged.

The subsidy shall generally be paid out in four pieces on presentation of an invoice as follows:

1) 40% at the time of signing the contract.

2) 20% upon submission of the thesis/project when it is eligible for evaluation by the relevant faculty/project coordinator.

3) 20% upon graduation and delivery of copies of final thesis.

4) 20% after hosting an introductory course or lecture concerning the project.

5) In the case of a doctoral project that is in its initial phase, the Board of Trustees may disburse a part of the grant in accordance with paragraphs 2 and 3 above by special agreement with the beneficiaries, provided that there is confirmation by the beneficiary, certified by the project coordinator, that the project progresses normally.

The Managing Director of the South Iceland University Centre supervises the implementation of the grant agreement on behalf of the University Centre.

Presentations shall be made in close agreement with the Managing Director of the University Centre, either in the form of a course, a summary for the website, or a lecture, as suits each case.