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GENERAL ADMINISTRATION A.Financial Management –General, Steps, Subvention, Special Cases B.Service Agreement –Terms, Proposal, Budget.

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Presentation on theme: "GENERAL ADMINISTRATION A.Financial Management –General, Steps, Subvention, Special Cases B.Service Agreement –Terms, Proposal, Budget."— Presentation transcript:

1 GENERAL ADMINISTRATION A.Financial Management –General, Steps, Subvention, Special Cases B.Service Agreement –Terms, Proposal, Budget

2 A. Financial Management (1) General –No recurrent financial implications –No other source of finance –Not profit-making –No fees (if not -> offset the expenditure)

3 A.Financial Management (2) Steps –Vet the proposal –Approve the proposal and subvention –Acceptance by applicant –Sign a service contract (subject-related organisation & HKSARG) –Complete GF179A by applicant

4 A.Financial Management (3) Subvention –$50,000 or below ReimbursementReimbursement Self-certified financial statement & receipts (within 2 mths from completion)Self-certified financial statement & receipts (within 2 mths from completion) –$50,001 to $100,000 Release half of subvention initially (if acceptance, sign agreement, complete GF179A)Release half of subvention initially (if acceptance, sign agreement, complete GF179A) Up to 25% of the subvention (satisfactory completion of the interim report/key milestones)Up to 25% of the subvention (satisfactory completion of the interim report/key milestones) Balance released with self-certified financial statement & receipts within 2 months from satisfactory completion)Balance released with self-certified financial statement & receipts within 2 months from satisfactory completion) –Over $100,000 Release half as $50,001 to $100,000Release half as $50,001 to $100,000 Up to 25% of the subvention (satisfactory completion of the interim report/key milestones)Up to 25% of the subvention (satisfactory completion of the interim report/key milestones) Balance released with financial statement prepared by CPABalance released with financial statement prepared by CPA

5 A.Financial Management (4) Special Cases –Overlapping items in two separate projects –Rising costs during the project period, e.g. staff cost, missing the CPA costs, etc. –Therefore …. Careful budgeting in the proposal (NO guarantee on exceptional approval for proposal variations)

6 B. Service Agreement Terms & ConditionsTerms & Conditions ProposalProposal –Design/details of the project, action plans BudgetBudget –Grant $, items to be financed, payment schedule (depends on the grant $)

7 Service Agreement - Terms & Conditions Sole purpose of the grant, i.e. complete the tasks of the proposalSole purpose of the grant, i.e. complete the tasks of the proposal Project commencement & completion datesProject commencement & completion dates Due diligence, conscientious & timely mannerDue diligence, conscientious & timely manner Work in accordance with the budgetWork in accordance with the budget Reallocation of fundsReallocation of funds –Among approved items with variations of 20% or less (OK) –Exceed 20% or to non-approved items (Seek written approval)

8 Terms & Conditions (Cont d) Consent -> no other public funding supportConsent -> no other public funding support Acknowledge the EDBAcknowledge the EDB Issues on IP rightsIssues on IP rights Interest earned = income to cover expenditureInterest earned = income to cover expenditure Return any unused fundReturn any unused fund Shall not represent as employee or agent of HKSAR Govt/ EDBShall not represent as employee or agent of HKSAR Govt/ EDB Terminate the agreement with 14-day notice, e.g. breach the terms, not commence/proceed the projectTerminate the agreement with 14-day notice, e.g. breach the terms, not commence/proceed the project


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