TRAC is the methodology used by higher education institutions (HEIs) in the UK for costing their activities. HEFCE has supported the development and implementation of TRAC in HEIs since its inception and seeks to ensure that TRAC is fit for purpose in meeting institutions' and stakeholder needs.

In June 2010, a joint task group of Universities UK and the Research Councils UK, which was chaired by Sir William Wakeham, produced a report on full economic costing for research in higher education.

This report made a series of practical recommendations to funding bodies and universities and colleges. In particular, these recommendations looked at the financial sustainability and efficiency and effectiveness of the sector. The Wakeham review of fEC: Financial Sustainability and Efficiency in Full Economic Costing of Research in UK Higher Education Institutions requires research organisations to consider their cost base over the next three years with a view to more efficient practice.