FÍN Science Fund

FÍN Science Fund allocate grants once a year and is intended to benefit members to attend a seminar, purchase profession related books etc. Members which employers have contributed for can get grants from the fund in proportion of their employment period and percentage. Applications are made through ,,Mínum síðum".  Information about payments to the fund can be found under contribution on „Mínum síðum“. If member has attended a seminar on purchased profession related books such cost can be deducted from tax on members Tax Return. If no deductible cost is reported on Tax Return the grant is considered as taxable income. All FÍN members whom are employed by the municipals are also beneficiaries of the fund and those who have negotiated so in their employment contract. 

 Application for grant

Applications for grant from FÍN Science Fund are accepted from 1. of December until 31. of January each year. The grant is paid for the period of 1. of November until 31. of October the year before allocation, based on employment period and percentage. It is possible to apply for grants for one previous period given that member could apply for grant for that period

Application form is available on ,,Mínum síðum" from 1. of December until 31. January each year. If any trouble occurs please send us an email on fin@bhm.is with name, phone number and short description of the issue at hand and we will contact you as soon as possible.

Grant amount

Grant is based on employment period and percentage, but the amount can be seen in the following table based on full employment in the period in question:

Grant period Amount Accumulating period
 2019-2020 145.000 ISK   1. Nov 2019- 31. Okt 2020
 2018-2019 165.000 ISK   1. Nov 2018- 31. Okt. 2019
2017-2018  150.000 ISK  1. Nov. 2017-31.Okt. 2018
2016-2017  140.000 ISK  1. Nov. 2016-31.Okt. 2017
2015-2016 135.000 ISK  1. Nov. 2015-31.Okt. 2016

* FÍN Members employed by the City of Reykjavík: In Collective Agreement between FÍN and the City of Reykjavík, signed 21. of December 2015, the contribution to FÍN Science Fund employed by the city was increased from 1,5% to 1,6%. FÍN Science Fund grant to members employed by the City of Reykjavík was increased to 156.000 ISK for the period of 2017-2018 parallel with the increase in contribution.

Grants pay-out

Applications which are received 17. of December 2017 or earlier are paid out on 21. of December 2017. Applications received on the 18. of December and later are paid in the beginning of February 2018.

Beneficiaries?

FÍN Members employed by the City of Reykjavík, municipals and applicable members on the general labour market can be beneficiary. FÍN members employed by the government do not have access to the fund and cannot apply for grant, due to abolishment of contribution in Collective Agreement with the government in year 2008.

Members in irregular employment percentage

Member who are employed with irregular percentage shall provide information about employment percentage month by month and shall be done through comment column of the application. If no such information is given FÍN will request member to provide that information.

Documents attached to application?

No receipts shall be attached to application. 

Tax treatment of grants

Members can use the grant to attend seminars, purchase profession related books etc. The grant is preleased to the Tax Authorities and will be showed on members Tax Return the relevant year and be filed under other taxable income. If members have receipts which applies to the cost related to the grant the cost can be deducted from the applicable income. Members should contact the Directorate of Internal Revenue for more detailed information about which receipts are valid or review applicable rules on the Directorates webpage.

Additional detail:

Charter

  1. Charter of FÍN Science Fund.
  2. The fund name is FÍN Science fund (FÍN- Trade union of natural scientists). Home and venue is in Reykjavík.
  3. Membership is based on membership in FÍN and contribution from employer.
  4. Goal of the fund is to provide opportunity of FÍN members for further education, development activities and continuous education.
  5. Board of FÍN appoints board members of the fund for one year at a time on first board meeting after the annual general meeting of FÍN. Board of the fund shall have 4 FÍN members and one representative of the board of FÍN..
  6. The board shall divide projects between themselves, set board procedures in line with the goal of the fund and write minutes of meetings..
  7. Income of the fund are: a) Employers contribution according to Collective Agreements or employee contract. b) Return of capital. c) Other income. d) The fund shall invest its funds according to economical opinion of the board as it sees fits at each applicable period, as approved investment policy of board of FÍN allows.
  8. Accounting year of the fund shall be the calendar year. Accounts shall be audited by a Certified Public Accountant and annual report presented to the board of FÍN.
  9. The board is permitted to use employee of FÍN and its office for allocation of grants according to agreement between the board and office of FÍN.
  10. Board of FÍN is permitted to change the charter of FÍN Science Fund. If needed, changes shall be introduced to members in newsletter and on FÍN webpage.

Approved on FÍN board meeting on the 6. of April 2018.

On behalf of board of FÍN

Maríanna H. Helgadóttir, chairman             

Þorkell Heiðarsson, vice chariman

Procedures 

  1. The fund allocates grants for further and continuous education of members in FÍN. The funds cannot be used as replacement for contractual or legal rights of members which authorities have paid for so far. It's permitted to deduct cost for tax purposes on beneficiary Tax Return. If no such cost is presented the grants are considered as taxable income. 
  2. The grant is allocated for the period from 1. of November until 31. of October the year before allocation according to employment period and percentage. Only members in FÍN which their employers have contributed for are considered to be beneficiaries. If members haven't applied for prior period they can apply the year after.
  3. Allocation of grants is annual procedure and shall occur in December and January. Board decides the amount for full grant and member shall be given two months to apply, i.e. from 1 of December to 31. of January. Members can only extend allocation right for one year. 
  4. Allocation of the fund is introduced in FÍN newsletter for November each year.
  5. Office of FÍN takes care of allocation and payment of grants on behalf of the board. Board of FÍN Science Fund is permitted to review the procedures every year and changes shall be introduced to members in newsletter and on FÍN webpage.


Reykjavík, 13. of March 2018

Lilja Grétarsdóttir, chairman

Hafdís Sturlaugsdóttir

Louise Roux

Stella Hrönn Jóhannsdóttir

Svava S. Steinarsdóttir