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KOR-EU Leaders for Global Education (KE-LeGE) 1.12.2010 – 30.11.2013 ADMINISTRATION AND FINANCES

KOR-EU Leaders for Global Education (KE-LeGE) 1.12.2010 – 30.11.2013 ADMINISTRATION AND FINANCES. first pre-financing payment of 60% of the total amount of funding after signing grant agreement

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KOR-EU Leaders for Global Education (KE-LeGE) 1.12.2010 – 30.11.2013 ADMINISTRATION AND FINANCES

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  1. KOR-EU Leaders for Global Education (KE-LeGE) • 1.12.2010 – 30.11.2013 • ADMINISTRATION AND FINANCES

  2. first pre-financing payment of 60% of the total amount of funding after signing grant agreement • second pre-financing payment of 40% of the total amount of funding after approval of an interim progress report (after 18 months, requires at least 70% use of previous pre-financing payment)

  3. FINANCIAL INFORMATION AND FINANCIAL MANAGEMENT OF THE GRANT • General principles • Expenditure is directly connected with and necessary for the implementation of the activities according to the project work plan • Organisations of the parnership may not derive a profit from financial assistance awarded by the EU • Each item of expenditure is only included under one heading of the proposed budget • Reported costs are actually paid by the partner institution in question and are documented in beneficiary’s bookkeeping

  4. FINANCIAL INFORMATION AND FINANCIAL MANAGEMENT OF THE GRANT • Accounting system/Internal control • The beneficiary must set up an adequate accounting system, which must make it possible to identify the payment of scholarships to students and faculty members. • All transactions relating to the scholarship scheme must be recorded using a numbering system • The beneficiary’s internal accounting and auditing procedures must permit direct reconciliation of the costs and revenue declared in respect of the action/project with the corresponding accounting statements and supporting documents • The original invoices or accounting documents of an equivalent value must be kept for a period of five years from the closure date of the grant agreement in case of an ex-post audit

  5. FINANCIAL INFORMATION AND FINANCIAL MANAGEMENT OF THE GRANT • Eligible costs • Flat rate amounts • The flat-rate amount covers essentially the costs linked with the organisation of the mobility (insurance costs of mobility, costs generated by the participation at the annual project coordinators’ conference) • Covers the entire contractual duration of the project • The beneficiary must be able to prove, that the costs are related to the project. Therefore flat rate amounts to participating institutions will be paid after the costs have taken place.

  6. FINANCIAL INFORMATION AND FINANCIAL MANAGEMENT OF THE GRANT • Eligible costs • Mobility grants to EU students • Concerns mobility of EU students from their home EU institution to host institution in the partner country • Covers additional costs to the students • 1000 € per month plus a fixed amount of 1500 € for travel • Monthly allowances and travel/relocation lump sums must be paid in full to the mobile persons before the mobility takes place • Mobility grants to EU faculty members • Maximum of 1000 € per week plus a fixed amount of 1500 € for travelling • Covers additional costs incurred by faculty members travelling abroad over the costs of remaining at the home institution

  7. FINANCIAL INFORMATION AND FINANCIAL MANAGEMENT OF THE GRANT -The participating institution will make a prepayment for travelling to the faculty member who is leaving to Korea. Faculty member in question will pay himself the costs of the mobility. -After the exchange, faculty member will make an invoice of travelling-expenses with all necessary information (name, dates, reason for travel, bank account etc.) and receipts of the travel expenses (flights, hotel, taxi, meals, per Diems etc.). -The faculty member will make an exchange report explaining the content of the exchange (with dates, places, persons met, teaching assignments and curriculum assignments etc.) and enclose it with the travelling-expenses invoice.

  8. REPORTING AND PAYMENT OF THE GRANT TO PARTICIPATING INSTITUTIONS • Payment of the grant to participating insitutions will take place twice a year in arrears according actual, reported costs • Reporting schedule of the costs: • Reporting latest • Period 1: 1.12.2010 – 30.6.2011 31.8.2011 • Period 2: 1.7.2011 – 31.12.2011 28.2.2012 • Period 3: 1.1.2012 – 30.6.2012 31.8.2012 • Period 4: 1.7.2012 – 31.12.2012 28.2.2013 • Period 5: 1.1.2013 – 30.6.2013 31.8.2013 • Period 6: 1.7.2013 – 30.11.2013 31.12.2013

  9. REPORTING AND PAYMENT OF THE GRANT TO PARTICIPATING INSTITUTIONS • Financial reports • Summary of the costs (signed) • Signed general ledger from projects cost pool (organisation’s bookkeeping) • Copies of receipts (exemplification required) • Tickets/stubs of flight tickets • Central Ostrobothnia University of Applied Sciences will pay the grant to participating institution’s bank account in 30 days after reporting day if reports and appendixes are accurate and costs are eligible and the amount of grant paid from the EU to COU covers the costs.

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