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

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Presentation transcript:

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

COINVEST Start Up Meeting 27/28 May 2008 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 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 ( doc_en.html) (only one) to be completed by EACH beneficiaryhttp://cordis.europa.eu/fp7/find- doc_en.html

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

COINVEST Start Up Meeting 27/28 May 2008 COINVEST Contract FP7-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