Project financial reporting Linda Wormö April 20th, 2016 – Faroe Islands

Grant Offer Letter The Official decision, issued by the Managing Authority Grant per funding source (ERDF, ERDF20%, Norway, Faroe Island, Iceland, Greenland.) Simplified cost options chosen Other specific conditions for funding (e.g GBER, De minimis) Contains the rights and responsibilities of all parties Main decision Official decision signed by the Managing Authority and the Monitoring Committee Chair, stipulating the eligible budget, start and end date and reporting deadlines. Enclosure 1 Includes a detailed project description including work packages and indicators, and the project budget Enclosure 2 Includes legal conditions that need to be met by the Lead Partner and other Lead Partner responsibilities.

Lead partner responsibilities Overall project management A link between the project partners and the Programme (Secretariat and Managing Authority) Conclude a partnership agreement Have enough administrative and financial capacity Delegate responsibility - Co-Lead Partner

Monitor that all partners has selected and been approved a First level Controller (FLC) from the National Control in each partner country. Provide supplementary information in eMS – Project management contact details – Bank details – FLC for each partner – Partner users and user assignment to give them access to the project – Location of original documents Deliver project reports and documentation Ensure that all expenditure has been certified by FLC Ensure that the certified expenditures for all partners are matching activities outlined in the approved application and any other decisions

Distribute NPA grant Lead partners are expected to be the ”policeman” in the partnership, ensuring that all costs can be connected to eligible/approved project activities

Project Report Lead Partner should in eMS from each partner receive; – Checklist and Certificate certified by FLC – Activity report – Supporting documents Transaction list in Excel or other spreadsheet, matching the list of expenditure Any other documents agreed to in the partnership Contact and bank details Other, Signature Template - signed by legal representative for the partner organisation and scanned.

Overview of the total project claim, per grant/funding source – Summary of Certified expenditure – Summary of Match Funding Lead partner prepare/process the project claim by reviewing the information received from each partner – Match funding – Budget – Reporting period – Deduction of expenditure, if needed

Need for a budget change? – Minor changes ; minor impact that can be approved by Secretariat Desk officer – Major changes; require approval by Managing Authority or Monitoring Committee – IF in need of change, contact your Desk Officer before submitting the claim for the most effective process, and to not risk that the NPA funding will be either reduced or projects claim stopped by Programme Controller and returned back to Lead Partner.

Project and Partner budgets, however, budget changes are per granted funding source. Meaning that if e.g ERDF equivalent Iceland with a total of 3 partners are over budget in total, there is a need to apply for a budget change. If not, costs above the limit (of allowed overdraw per budget line) will be reduced by Managing Authority when processing the payment decision of the ERDF eq. for the Icelandic partners. Transferring allocated funds between partners in different funding sources is not permissible It is not possible to have a budget change to increase the NPA grant

LP select the “FLC certificate” that should be included in the claim. Tick the box “Project Finance Report”

Under “Certificates” expenditures can be deducted by LP “Project Report Tables” is an overview of the Project Report Expenditure Summary

When the Lead Partner is content with the Project report – SUBMIT it in eMS to the programme bodies – Activity report assessed by Joint Secretariat – Financial report assessed by Programme Controller at the Managing authority, which will result in a payment decision – The NPA funding is paid by Certifying Function to the Lead Partner, after which the ERDF and ERDF equivalent is distributed to the project partners

Maximum 3 months - from end of reporting period to submitting the Project report. The end date for a main project stated in the decision is normally 36 months after the start date. This 36 months project period includes submission of the final Project report.Meaning that the last six month reporting period would end with the submission of the final Project report and contain all final expenditure

Payment Procedure MA Managing Authority will issue a Decision of Payment Made in accordance with the Grant Offer Letter CF Certifying function validate the payment decision information, e.g bankinformation The NPA-Grant will be transferred to LP:s Bank account A payment notification will be sent to the LP LP Lead Partner receive NPA-Grant on the bank account stated in the Project claim LP distribute the received NPA-Grant to the individual project partners. PP Project partner receive their share of the NPA-Grant

Thank you for listening Managing Authority Programme Director: Annika Blomster Programme Controller: Linda Wormö Stefan Nyström