No it does mean the overhead is 280% if defined the same way as the university (overhead is calculated as percentage of non-overhead costs, not overall costs).
But I'm not sure whether the company would count just an employee's salary as non-overhead costs. I'm fuzzy on the details of how overhead is usually calculated.
But I'm not sure whether the company would count just an employee's salary as non-overhead costs. I'm fuzzy on the details of how overhead is usually calculated.