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Re@WBC “Enhancement of HE research potential contributing to further growth of the WB region”

Re@WBC “Enhancement of HE research potential contributing to further growth of the WB region” 561586-EPP-1-2015-1-RS-EPPKA2-CBHE-JP “ Project finance and financial reporting ” Kick-off meeting Niš, 10.-11. December 2015. Dr. S aša S . N ikolić. Financial management.

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Re@WBC “Enhancement of HE research potential contributing to further growth of the WB region”

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  1. Re@WBC “Enhancement of HE research potential contributing to further growth of the WB region” 561586-EPP-1-2015-1-RS-EPPKA2-CBHE-JP “Project finance and financial reporting” Kick-off meeting Niš, 10.-11. December 2015. Dr. Saša S. Nikolić

  2. Financial management • “Key-players”, in this project: • Partners: • 1 contractor • 12 partners • Contractor: • University of Niš (= UNI) • Partners come from 7 different countries: • Albania, Bosnia and Herzegovina, Montenegro, Belgium, Italy, UK, and Republic of Serbia

  3. Financial management Contract with Agency Contract between Agency (=EACEA) & Contractor (=UNI) was signed Project Ref. Nr.: 561586-EPP-1-2015-1-RS-EPPKA2-CBHE-JP Duration of project: 36 Months Project title: Enhancement of HE research potential contributing to further growth of the WB region

  4. Financial management Re@WBC Budget Info The grant shall be of a maximum of EUR866,820.00 and shall take the form of: Staff costs: 342.680 EUR Travel costs: 113.880 EUR Costs of stay 199.440 EUR Equipment costs: 180.820 EUR Subcontracting: 30.000 EUR Total project expenditures: 866.820 EUR

  5. Financial management • Installments from EACEA to the coordinator • pre-financing payment of 50% of the maximum amount upon entry into force of the Agreement • second payment of 40% of the maximum amount if: • at least 70% of the previous pre-financing installment is spent • the statement of costs incurred and the request for payment is sent to EACEA • the progress report on the implementation of the Action (Intermediate report) is sent to EACEA • balance of 10% upon the approval of the Final Report

  6. Exchange rate InforEuro • http://ec.europa.eu/budget/contracts_grants/info_contracts/inforeuro/inforeuro_en.cfm Exhange rate used: • On the month of the first pre-financing for all costs incurred until the second pre-financing is received • On the month of the second pre-financing for all costs incurred until the end of the project • Detailed and more precise information – after the coordinators’ meeting in Brussels (27 an 28 January 2016)

  7. Financial management • Eligible costs • Budget headings • Our budget is divided in the next five categories i.e., budget lines: • I – Staff Costs • II/ III - Travel costs and Costs of stay • IV - Equipment costs • V - Subcontracting

  8. Financial management • Staff Costs (Max 40% of the total eligible direct costs) • Budget Line Staff Costs has four categories: • Manager (legislators, senior officials and managers) • Teacher/Trainer, Researcher (typically carry out academic activities related to curriculum/training programme development, development and adaptation of teaching/training materials, preparation and teaching of courses or trainings) • Techican (technicians and associate professionals) • Adminastrative (office and customer service clerks) • You can find all the details in Project Handbook (erasmus-plus-programme-guide_en.pdf) • (ERASMUS+ Programme Guide; Guidelines for administrative & finantial management and reporting)

  9. Financial management • Staff Costs - financial evaluation - Supporting documents • For the purposes of any financial evaluation and/or audit, beneficiaries will have to be able to justify / prove the following elements: • The existence of a formal employment relationship between the employee and the employer. A formal employment contract is required. • The declared workloads are identifiable and verifiable. Evidence is required of work completed and time spent on the project (e.g. attendance lists, tangible outputs / products, compulsory time sheets) • In addition, time-sheets have to be attached to each Staff convention.

  10. Staff cost Example • PetarPetrović– 1080 Eur for 10 manger days: • Net 649.08 • Income tax 108 • Social security 322.92 • Gross 1080 Eur

  11. Financial management • Staff Costs - financial evaluation - Supporting documents • Convention Form • Time Sheet • Contract • Proof of payment (net + taxes) • Tax statement (if applicable by national law)

  12. Financial management • Staff Costs - financial evaluation - Supporting documents • Convention Form • signed by task performer, • signed and stamped by the person responsible (e.g. Rector, vice-rector) • For different staff categories, separate convention forms • Time sheet • indicating date of the service provided • indicating number of days worked • indicating the task performed • signed by task performer and by the person responsible

  13. Financial management • Travel costs and Costs of stay - Financial evaluation Supporting documents • For the purposes of any financial evaluation and/or audit, beneficiaries will have to be able to justify / prove the following elements: • the journeys are directly connected to specific and clearly identifiable project-related activities • the journeys actually took place (original boarding pass, original hotel invoices, attendance list, etc.). cost of travel stay cost (120E per day)

  14. Travel costs and costs of stay Example • Travel: Nis (RS) – Turin (IT), 4 days • Distance: 1055.44 km => 275 Eur • Distance calculator • http://ec.europa.eu/programmes/erasmus-plus/tools/distance_en.htm • Stay cost: 4 days => 480 Eur • Total cost expressed in Individual Mobility Report (IMR) • 275 + 480 = 755 Eur

  15. Travel cost and Cost of stay - Financial Evaluation Supporting documents • individual mobility report (IMR) -SIGNED & filled • table of specificaltion of travel and stay costs • travel order/decision (if applicable) • proof that the trip actually took place (e.g. travel tickets, boarding passes, invoices, receipts, attendance list) • proof of payment for travel costs (bank statement) • proof of payment for stay cost (bank statement) • proof of payment for taxes (if any)

  16. Financial management • Equipment - financial evaluation - Supporting documents • For the purposes of any financial evaluation and/or audit, beneficiaries will have to be able to justify / prove the following elements: • The declared costs are identifiable and verifiable, in particular being recorded in the accounting system of the Beneficiary. • The equipment is properly registeredin the inventory of the institution concerned. • The following should, however, be retained with the project accounts: Invoice(s) for all purchased equipment (please note that order forms, pro-forma invoices, quotations or estimates are not considered as proof of expenditure). • VAT exemption statement • Documentation on the tendering procedure and three quotations (for more than 25000 Euros) • Proof of payment (bank statement) • When the threshold of EUR 25 000 is exceeded, documentation on the tendering procedure and three quotations are needed. In such cases, the beneficiaries may not split the purchase of equipment into smaller contracts with individual amounts lower than the EUR 25 000 threshold.

  17. Financial management • Sub-Contrating-Financial evaluation - Supporting documents • Realized by University of Nis • Typical activities which may be sub-contracted (provided they are not carried out by beneficiaries' staff): • Evaluation activities and auditing • IT courses • Language courses • Printing, publishing and dissemination activities • Translation services • Web design and maintenance

  18. Financial management • Some notices • You should inform us if: • There is a change of contact (researcher, accountant, head of yourorganisation, …) • The name of yourorganisation changes • Youradress, phone or e-mail changes • Yourlegalrepresentative changes • Your bank account changes

  19. REQUESTED DOCUMENTS Notice: At the moment we do not have new templates for supporting documents (IMR, Staff Convention, ...), but we can examine template documents of previous Tempus projects.

  20. Coding SC and IMR documents EXAMPLE 1: If we have documents, referring to Staff Costs (SC), we use next approach for coding Convention Staff document. P3 is a third participant of the project. In our case, that is University of Novi Sad. P3 – SC – 001 P3-order number of participants SC-Staff Costs (Budget Headings) 001÷100 we use three or four digits, depending on how many of these documents you expect by the end of the project. EXAMPLE 2: If we have documents, referring to Travel Costs and Costs of Stay, we use next approach for coding Individual Mobility Report (IMR): P3 – IMR – 001 P3-order number of participants IMR-Travel Costs and Costs of Stay (Budget Headings) 001÷100 we use three or four digits, depending on how many of these documents you expect by the end of the project.

  21. P3 – SC – 001 Example 1 and 2 561586-EPP-1-2015-1-RS-EPPKA2-CBHE-JP

  22. P3 – IMR– 001 Example 2 561586-EPP-1-2015-1-RS-EPPKA2-CBHE-JP

  23. Partners’ Semiannual Report • Technical report • Reporting on the progress of project activities realized at the partner institution • Includes progress indicators • Financial report • Declaring the amount of grant spent in the six-month reporting period • Supporting documents for all declared costs (hard copies) • Deadline for delivery of Semiannual report – every six months

  24. Partners’ Semiannual Report • Technical report • Template for the technical report will be included in the Manual for contractual and financial management • Financial report • Financial table with declared costs per categories • Updated cash flow tables • Supporting documents for each cost incurred • * All documents to be delivered in hard copies and certified (true copy of the primary document) • * We will send you all appropriate cash flow tables in Excell formats

  25. Financial management Thank you very much and thank you for your attention. Dragana Ilić-Cvetković Mail:dragana@pmf.ni.ac.rs Saša S. Nikolić Mail: sasa.s.nikolic@elfak.ni.ac.rs University of NIŠ

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