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Introduction

FP7 Financial Rules, Project Reporting and Tools Dita Mocova EGEE-II / EGEE-III Transition Meeting CERN, Geneva 6-7 May 2008. Introduction. FP7 Financial rules - general FP7 Financial rules - project specifics Financial reporting - internal Financial reporting - external

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Introduction

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  1. FP7 Financial Rules, Project Reporting and ToolsDita MocovaEGEE-II / EGEE-III Transition Meeting CERN, Geneva 6-7 May 2008

  2. Introduction • FP7 Financial rules - general • FP7 Financial rules - project specifics • Financial reporting - internal • Financial reporting - external • PPT (Project Progress Tracking) EGEE-II / EGEE-III Transition Meeting 6-7 May 2008

  3. FP7 Financial Rules Direct costs - can be traced in full to the project Personnel Travel (incl. permanent staff)(members of EGEE-III) Equipment (not infrastructure) • BUT: Admin and support can be indirect! • Certificate on financial statements – subcontracting, NA1 • Rental of conference/event/training venue • Coffee breaks at meetings/trainings/conferences, not dinners! EGEE-II / EGEE-III Transition Meeting 6-7 May 2008

  4. FP7 Financial Rules Indirect costs (overheads) • All eligible costs which cannot be traced directly to the project • Not possible to measure directly how much of these costs relate to the project • Costs incurred generally in the course of all activities of the organisation EGEE-II / EGEE-III Transition Meeting 6-7 May 2008

  5. FP7 Financial Rules Methods of calculation of indirect costs: • Depends on the accounting system of the beneficiary and the type of organisation • Each beneficiary & JRU provided overhead rates in GPF • Actual Indirect Costs beneficiaries with analytical accounting system • Flat Rates: 20% - open to any beneficiary, 20% of direct costs less subcontracting 60% (Transitional Flat Rate) – 3 conditions: • Status of the organisation • Accounting system of the organisation • Type of funding scheme • CSA – 7% of direct costs EGEE-II / EGEE-III Transition Meeting 6-7 May 2008

  6. FP7 Financial Rules Eligibility Criteria Costs must be: • Actual • Incurred by the beneficiary • Incurred during the project • In accordance with the usual accounting and management principles of the beneficiary • Used for the sole purpose of achieving the objectives of the project and consistent with the principles of economy, efficiency and effectiveness • Recorded in the accounts of the beneficiary • Have been indicated in the estimated overall budget in Annex I EGEE-II / EGEE-III Transition Meeting 6-7 May 2008

  7. FP7 Financial Rules Non-Eligible Costs Examples: • Identifiable indirect taxes (VAT, airport taxes) • Duties • Interest owed • Provisions for future losses/charges • Exchange losses, costs related to return of capital • Costs declared/incurred/reimbursed in respect of another Community project • Debt and debt service charges • Excessive, reckless expenditure EGEE-II / EGEE-III Transition Meeting 6-7 May 2008

  8. FP7 Financial Rules Reimbursement rates in EGEE-III(combination of CP and CSA) • Scheme A & Industrial Partners:½ PMs declared as Funded, ½ as unfunded *industrial partners • Scheme B:all PMs declared as Funded NA2-NA5: 7% of direct costs = max. reimbursement of indirect costs EGEE-II / EGEE-III Transition Meeting 6-7 May 2008

  9. FP7 Financial Rules Pre-financing • Paid to the coordinator, CERN • At the beginning of the project (May/Jun) • Remains property of EC until final payment • 85% of total EC contribution less 5% of EC contribution for the Guarantee fund • Distributed pro rata to the partners in 2 advance payments (Annex 5 of CA): • 50% 10 days after receipt by the Coordinator • 50% after submission of 1st quarterly reports EGEE-II / EGEE-III Transition Meeting 6-7 May 2008

  10. FP7 Financial Rules Interim payment • After approval of the periodic reports by EC • Equals the accepted EC contribution requested in Form C by beneficiary + JRUs BUT! • Pre-financing + interim payment limited to 90% of the max. EC contribution EGEE-II / EGEE-III Transition Meeting 6-7 May 2008

  11. FP7 Financial Rules Final payment • After approval of final reports by EC • Equals to accepted EC contribution (P1+P2) less amounts already paid • If payments made exceed the EC contribution, difference to be paid back to the Coordinator! • includes the Guarantee fund EGEE-II / EGEE-III Transition Meeting 6-7 May 2008

  12. FP7 Financial Rules Example: beneficiary with max. EC Req. Contribution of 1,000,000 EUR EGEE-II / EGEE-III Transition Meeting 6-7 May 2008

  13. FP7 Financial Rules Guarantee fund • To cover financial risks, kind of insurance contract • 5% of the max. EC contribution (1.6mill. EUR) • Deducted from total pre-financing • Interest generated to cover any losses • Paid back with the final payment • Deduction only if interest not sufficient to cover the losses • Never more than 1% • No deduction for public bodies and universities EGEE-II / EGEE-III Transition Meeting 6-7 May 2008

  14. Financial Reporting Internal External (to EC) Quarterly Financial Status Form C Certificate on the Financial Statement (CFS) Effort Reports Explanation of the use of resources Reports on the funds distribution • Timesheets • Internal Cost Claims EGEE-II / EGEE-III Transition Meeting 6-7 May 2008

  15. Financial Reporting - Internal Timesheets • Purpose: • Main supporting document for claiming personnel costs! • Used by auditors • Monitor effort • Quarterly reports to EC • All members of the project • Due: monthly, 10 working days after month end, supervisors 15 days • Tool: PPT • WBS and tasks based on the execution plans • Members: funding ratios, productive hours • Reported hours converted into PMs • Automatic reminders • On-line validation EGEE-II / EGEE-III Transition Meeting 6-7 May 2008

  16. Financial Reporting - Internal Internal Cost Claims (ICC) • Purpose: • Monitor the spending of the consortium • Produce quarterly financial status for EC, in QR • Due: 22 days after each quarter-end • Cumulative!, but separate for Period 1 and 2 • In EUR, exchange rate rules • Tool: PPT • Every beneficiary and JRU member • Download to excel • Upload - previous quarter overwritten with current one • At the end of the project only two ICCs in PPT (Q4 and Q8) EGEE-II / EGEE-III Transition Meeting 6-7 May 2008

  17. Financial Reporting – External Form C – Financial Statement • Purpose: • to receive interim & final payments • Due: 60 days after the end of project period • All beneficiaries and all JRU members • In FP7 costs separated into personnel & other costs • EC - 105 days to evaluate the reports and execute the payment • Pre-filled Form C in PPT • After submitting ICC Q4 & Q8 • Consistent with ICCs EGEE-II / EGEE-III Transition Meeting 6-7 May 2008

  18. Financial Reporting – External Certificate on the Financial Statement (CFS) • At the end of the project • Only if EC contribution above 375k EUR (beneficiary + JRUs) • Covering two years • Contract auditors in advance! Sign engagement letter! • Report on factual findings • Mandatory terms of reference – scope of work • Compulsory report template Annex VII - Form D ftp://ftp.cordis.europa.eu/pub/fp7/docs/guidelines-audit-certification_en.pdf EGEE-II / EGEE-III Transition Meeting 6-7 May 2008

  19. Financial Reporting – External Other Reports • Explanation of the use of resources • by activity & type of cost (personnel, subcontracting, major cost items) • Summary Financial Report • Effort Reports • input needed from partners – timesheets • Report on the distribution of funds All the reports produced by PO, input from beneficiaries and JRUs EGEE-II / EGEE-III Transition Meeting 6-7 May 2008

  20. Summary EGEE-II / EGEE-III Transition Meeting 6-7 May 2008

  21. HELP! FP7 Financial guide ftp://ftp.cordis.europa.eu/pub/fp7/docs/financialguide_en.pdf Guidance notes on audit certification ftp://ftp.cordis.europa.eu/pub/fp7/docs/guidelines-audit-certification_en.pdf Guidance notes on project reporting ftp://ftp.cordis.europa.eu/pub/fp7/docs/project_reporting_en.pdf Form C for combination of CP and CSA ftp://ftp.cordis.europa.eu/pub/fp7/docs/fp7-ga-annex6-csa_en.pdf OR Dita.Mocova@cern.ch Phone: +41 22 767 0605 EGEE-II / EGEE-III Transition Meeting 6-7 May 2008

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