Financial Administration

Fellowship Award funds are administered by the university. The Fellowship Award consists of payments of up to $90,000 per year that are sent to the university, for disbursement to the recipient as follows:

  • a research grant of $50,000 to be paid to the recipient as a lump sum, as soon as the funds are received from the Bank of Canada
  • an annual research expense allowance of up to $40,000, for expenses submitted to and approved by the recipient’s university, including those for:
    • the acquisition, maintenance and operation of research equipment
    • the acquisition of data
    • travel to scholarly conferences to present research
    • workshops held relating to research
    • computing, publication, material and supplies
    • research assistants

The university must also provide an annual, signed, calendar-year-end financial statement to the Bank of Canada on the status of the recipient’s funds, by the end of January. The Bank pays the university an annual amount of $5,000 to defray its administrative costs.

Publicity

For publicity purposes, Fellowship recipients grant permission to the Bank of Canada to publicly communicate their names and qualifications.

The Bank of Canada does not retain or claim ownership of, or exploitation rights to, intellectual property developed by the recipients. However, recipients are required to cite the Bank as a source of funding in any relevant publication that appears during the Fellowship period or that results from work done during the term of the award.

Change of Award Recipient Status

The recipient must notify the Bank as soon as possible of a change or planned change of status such as: his or her affiliation with the university, a sabbatical or other leave.

Sabbatical or Leave of Absence

With the agreement of the university concerned, recipients would continue to be eligible for the Fellowship Award during a paid sabbatical.

The award may be discontinued at any time during its five-year term in the event that the recipient no longer works at a Canadian university.

The award may be suspended during a recipient's unpaid leave of absence and may be resumed upon the recipient's return to a tenured or tenure-track faculty position at a Canadian university. However, if the recipient is in his/her final year of Fellowship, the Fellowship cannot be resumed and will be discontinued. In the event the recipient is on an unpaid leave of absence, the recipient must confirm to the Bank by the end of January if he/she is returning to a tenured or tenure-track faculty position at a Canadian university. If the Fellowship is discontinued or suspended (maximum a year), the Bank may ask for repayment of some or all of the unused funds.

Exit Interviews

The Recipient agrees to participate in an interview at the end of his/her term to provide feedback about the program and on his/her experience as a Fellow.