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Financial aspects

WETEN (145035-TEMPUS-2008-LT-JPTHN) Partner meeting at Timsoft ltd. Timisoara, Romania 22-23 April, 2010. Financial aspects.

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Financial aspects

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  1. WETEN (145035-TEMPUS-2008-LT-JPTHN)Partner meeting at Timsoft ltd.Timisoara, Romania22-23 April, 2010

  2. Financialaspects The Tempus grant contribution may not exceed 95% of the total eligible direct costs (Tempus + co-financing) at the end of the action + a flat-rate funding of 7% of the total eligible direct costs Actual Co-financing (minimum 5%) • should be declared and justified in the Final Report and will be considered and assessed for the calculation of the final total eligible costs; • must satisfy the same criteria as Tempus rules including the contractual ceilings of 30% (Equipment) and the 10% flexibility on transfers between budget headings; • can be declared under any budget heading except Indirect Costs (in our project under staff, equipmnet and printing and publishing budget lines).

  3. Estimated budget of the action

  4. Intermediate Report and Payment cycle • Intermediate report period is 15/01/2009-15/06/2010; • Financial report documentation should be sent to coordinator no later than 30/06/2010; • Request for payment of the 2nd pre-financing (30% of the amount specified at project Grant agreement) could be provided to EA when 70% of the 1st pre-financing has been disbursed (within 45 days following reception of request for payment). • PAYMENT OF 1ST PRE-FINANCING: 60% of the amount specified at project Grant agreement – 335.856 EUR.

  5. Breakdown of Expenses incurred

  6. Details of Bank Transfers of the 1st pre-financing (between coordinator and Project Partners)

  7. 12 month report conclusion (1) • 40,63 % of total budget costs are spent during 1st project year and it is 70,14% of 1st pre-financing • Separate Conventions for ADMINISTRATIVE &ACADEMIC tasks should be provided; • Financial documentation should be originals or certified copies of original documents; • For Invoices presented in other language than English should be provided a short description of the content; • Some EC partners have not sent required documents for the monitoring periods reports (must be added to the Intermediate report);

  8. 12 month report conclusion (2) • It is always better to have documents sent in earlier and to be able to update the information and expenses declarations to have most of eligible expenses after Intermediate and Final reportings . • For all costs incurred, whatever the source of the funds used (i.e. Community funding, own funds, local/regional/national funds), the Partner must use the monthly accounting rate established by the Commission and published on its website applicable on the month of the first pre-financing (February, 2010) until the second pre-financing is received, after which the rate of the month of the second pre-financing must be applied.

  9. Non eligible costs • expenses for travel to other than those participating in the project/programme; • equipment such as: furniture, motor vehicles of any kind, equipment for research and development purposes, telephones, mobile phones, alarm systems and anti-theft Systems; • hospitality costs; • costs related to the use of materials incurred when hosting staff; • registration fees for courses, seminars, symposia, conferences, congresses; • costs of premises (purchase, rent, heating, maintenance, repairs etc.). Renting of premises is only possible for specific dissemination events with prior written approval from the Commission; • VAT can not be charged to the project (unless the beneficiary can show that he is unable to recover it); • costs declared by a beneficiary and covered by another action or work programme receiving a Community grant; • financial costs (exchange costs, interest owed, return on capital, debt and debt service charges, provisions for losses or potential future liabilities, doubtful debts, costs of opening and operating bank accounts, fines, financial penalties and legal costs).

  10. Thankyou for your attention! Asta Braziene Kaunas UniversityofTechnology asta.braziene@ktu.lt

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