Presentation on theme: "SADC/ICART Finance Rules European Commission (EC) Funding Mark Parnell Natural Resources Institute University of Greenwich."— Presentation transcript:
SADC/ICART Finance Rules European Commission (EC) Funding Mark Parnell Natural Resources Institute University of Greenwich
SADC/ICART Finance Rules Payments Made in January each year with a final payment on EC acceptance of all reporting; Made according to subcontract schedule; Further payments made only when Cost Statement has been accepted.
SADC/ICART Finance Rules Payment details The EC will pay NRI the following: –Year One - 80% of year one budget total; –Year Two - 35% of total remaining budget; –Year Three - 35% of total remaining budget; –Settlement Payment - final 30% of remaining budget.
SADC/ICART Finance Rules Project Expenditure Expenditure must have supporting receipts; Expenditure should follow the subcontract budget lines; Overspend on budget lines may result in disallowed costs; Overspend on total budget will not be recoverable.
SADC/ICART Finance Rules Cost Statements Dates due: 15 January 2008, 15 January 2009 and 15 January 2010; Must show all costs for the previous year; Need to follow the template that will be provided by Mark Parnell; Should be approved/signed by local project leader; Send original signed hard copies to Mark Parnell.
SADC/ICART Finance Rules
Keeping Records Accurate records must be kept for 7 years post project completion; Records must be easily identified and obtained at any time for EC audit; Records to keep are: –Receipts for all project expenditure; –Staff time use; –Per diem payments; –A log of vehicle usage stating fuel costs, distance covered, average consumption and maintenance costs.
SADC/ICART Finance Rules Summary Payments will be made as detailed in subcontracts; Timely delivery of cost statements is essential for smooth project running; Accurate records and receipts must be kept easily available for 7 years post project completion; Further details on financial reporting will follow as the project progresses.