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ECIL Project & Financial Management Saturday 27 th October 2012.

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Presentation on theme: "ECIL Project & Financial Management Saturday 27 th October 2012."— Presentation transcript:

1 ECIL Project & Financial Management Saturday 27 th October 2012

2 Project Reporting Requirements Monthly updates Progress Report – first six months Interim Report – year one Third six month Report – 18 months Final Report – end of year two Audit up to five years after the end of project

3 Monitoring Requirements Monthly update top three highlights for each WP, and whether WP on schedule Activities – past and future Progress towards final results Minutes of meeting Lists of participants and statistics Database information Number of products


5 Partner Reporting Requirements Monthly and six monthly updates Financial reports Copies of referenced supporting documents (with English explanation if not clear) 70% of pre-financing must be spent to before next payment is made Exchange rate fixed at date of each pre- financing payment

6 Funding Agreement Annex 1 - Description of project, application & contracting form Annex 1.2 - Actions to be carried out year one Annex 2 - Overall project budget Annex 3 - Administrative & Financial Guide Annex 4 – list of Partners & budgets

7 Agreement Amendments Notify National Agency before making any amendments Latest amendment notification two months before project end date.

8 Partner Agreements Standard model provided by National Agency Partner’s budgets Reporting requirements Reporting deadlines

9 Monitoring Requirements - Finance Identify and record sources of match funding Travel and subsistence policies Vat status Details of any National Supports for project No funding from any other European Fund can be used Retain original documents for five years after end of project

10 Budget PROJECT NUMBER: UK/12/LLP-LdV/TOI-508 Costs Eligible Budget Staff Costs: 195,161.00 € Travel and subsistence: 63,684.00 € Equipment (up to 10% of [A+B]): 00.00 € Subcontracting (up to 30% of [A+B]): 58,374.00 € Other: 41,725.00 € Total Heading B: 163,783.00 € Total Direct costs [A+B]: 358,944.00 € Indirect costs (up to 7% of [A+B]): 25,126.08 € Total project expenditures: 384,070.08 € Percentage of EU funding: 75.00% Receipts Eligible Budget EU Grant Requested from LLP: 288,052.56 € Partner's own funding: 96,017.52 € Other sources of financing: 0.00 € Total sources of financing: 384,070.08 €

11 Partner Budgets PartnerStaff CostsTravel & Subsistence Sub- contracting Other CostsIndirect Costs Beth Johnson Foundation 58,863.0010,732.0015,775.005,625.006,369.44 Associations Generations 6,687.0010,682.0012,199.0025,375.003,846.00 Hogskolan for Larande och Kommunication I Jkpg AB 51,484.0020,470.006,000.00525.005,493.00 Universidad de Granada 51,877.0010,578.0014,875.005,045.005,766.00 Drustova za tretje zivljenjsko obdobje 26,250.0011,222.009,525.005,155.003,651.64

12 Budget Headings Heading A : Staff Travel & Subsistence EquipmentHeading B: Operating CostsTotal (A+B)= Direct Costs Subcontracting Other Indirect Costs

13 Budget Changes Can change budgets between partners and cost headings Virements into staff costs and into operational costs above 10% require Agreement Amendment All virements to be notified to National Agency Indirect cost can not be changed

14 Staff Costs Actual cost – Include statutory costs – Exclude bonuses, incentives and profit sharing – Not sub-contract staff – Maximum rate for each country Actual daily salary multiplied by days on project Timesheets Copies of payslips, contracts and CV’s

15 Daily Rate Annual Salary +social security costs+ other statutory costs (including pensions) Divided by: Working days in the year (after deducting weekends, holidays and statutory days)

16 Timesheets Staff members name Partner name Staff category Daily rate Time worked Work package number Description of work Signed by individual and Legal Representative

17 Sub-contracting Not Employees of any Partner Below €12,500 invoice only €12,500 - €25,000 three tenderers €25,000 - €60,000 five tenderers Above €60,000 national rules on procurement

18 Travel & Subsistence Based on Organisation’s policy Maximum rates in country visited Hotel invoices necessary to verify overnight stay Travel tickets and boarding passes to be retained as evidence of travel Subsistence relates to number of overnight stays (not number of days)

19 Other Costs Not costs relating to administration of the project (these are indirect costs) Only costs incurred by Partners (not sub- contractors) Third party travel

20 Indirect Costs 7% of budget maximum Do not need to evidence Must have incurred a cost (rent, heat and light, telephone, photocopying, printing etc)

21 Eligibility Costs must – Occur within partner/ participating countries – Be directly connected to activities – Be incurred by funded partners – Be actual costs (unless policy to claim subsistence rates) – Be substantiated – Be incurred during contract period – Represent value for money – VAT is only recoverable if the organisation can demonstrate that it can not recover

22 Common Issues Costs under incorrect headings Interdepartmental costs (if services of other departments are used) – Must be Actual costs (must have had to pay for the service) – Must be invoiced – Not commercial – Entered under other costs

23 Immediate Requirements Copy of Travel and Subsistence Policy of the Organisation (with key sections translated into English) – Expense rates for private car travel – Round sum subsistence rates Confirmation of VAT status Details of any Match Funding providers

24 ADAM – Portal for LdV Advanced Data Archive & Management System (Database) Marketing and dissemination tool for Leonardo projects Complete ECIL profile within the first two months of project View and upload news & upcoming events

25 Contact Details Project Manager Louise Middleton: Finance Officer Lisa Healings: Telephone: +441782 844036

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