In the California State University system, faculty are allowed to commit
their time for up to 125% and earn additional compensation for overload
during the academic year.  As a result such circumstances as you describe
occur regularly.
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To: Multiple recipients of list RESADM-L
From: Research Administration Discussion Group on Tue, Mar 28, 1995 7:07 PM
Subject: Faculty Payments above Base Salary

The project director of a grant our college has received wants to pay
several fulltime faculty members an amount above their current contracted
academic year base salaries, for work that requires a percentage of time that
is too small to justify a course release.

Can anyone please comment about whether there are circumstances under which
your academic institution allows this and if so, how time and effort
reporting
is handled?

Thanks in advance.