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Administration and Finance

Administration and Finance. Things to be aware of………. Publicising the project. Please keep a log of meetings you go to where the project gets a mention Please let us have copies of papers or articles that you write about the project. Project Finance.

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Administration and Finance

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  1. Administration and Finance Things to be aware of……… COINVEST Start Up Meeting 27/28 May 2008

  2. Publicising the project • Please keep a log of meetings you go to where the project gets a mention • Please let us have copies of papers or articles that you write about the project COINVEST Start Up Meeting 27/28 May 2008

  3. Project Finance • Distribution of funds is the responsibility of QMUL • Please let me have the contact details for whoever will be administering funds and reporting • Please let me have details of the bank account where project funds will be paid (take a form) • Form C (http://cordis.europa.eu/fp7/find-doc_en.html) (only one) to be completed by EACH beneficiary COINVEST Start Up Meeting 27/28 May 2008

  4. How is the money paid? • There will be a pre-financing payment of 60-80% of budget (5% into Guarantee Fund) • Interim payments (not in this project) • 10% retention until final report received then final payment (and release of GF money) COINVEST Start Up Meeting 27/28 May 2008

  5. What does the budget cover? • Direct costs - research and technical development/innovation – activities directly aimed at creating new knowledge, new technology and products (including scientific coordination) – 75% • Indirect costs • Management – 100% • Flexibility • It does NOT cover indirect taxes eg VAT COINVEST Start Up Meeting 27/28 May 2008

  6. Direct costs (75%) • Personnel (time sheets)(average costs option) • Travel and subsistence on receipts (but 100% for management travel) • Purchase of durable equipment for project (identified in grant agreement) • Consumables and supplies for the project (identified in grant agreement) • Subcontracting (100% but no overheads) COINVEST Start Up Meeting 27/28 May 2008

  7. Indirect costs • Indirect costs (overheads) are all the structural and support costs of an administrative, technical and logistical nature which are cross-cutting for the operation of the beneficiary body’s various activities and cannot therefore be attributed in full to the project • Your administration will identify these costs and they come out of the RTD budget COINVEST Start Up Meeting 27/28 May 2008

  8. Management (100%) • Travel and subsistence for Steering Group meetings • One person month time (timesheets) • Certificate on the financial statement COINVEST Start Up Meeting 27/28 May 2008

  9. Reporting • Only costs from 1 April 2008 to 31 March 2010 (up to 60 days for audit and final report) • Form C • Timesheets • Exchange rates • Audit (see guidance note) • Keep all receipts and boarding passes COINVEST Start Up Meeting 27/28 May 2008

  10. Consortium Agreement • QMUL will be drawing up a Consortium Agreement COINVEST Start Up Meeting 27/28 May 2008

  11. COINVEST Contract 217512FP7-SSH-2007 The COINVEST project is supported by funding from the European Commission, Directorate General Research under its Seventh Framework Programme, Theme 9 Socio-economic Sciences and Humanities COINVEST Start Up Meeting 27/28 May 2008

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