The rules on how funding can be used and how it should be accounted for are strict, and not always transparent. After two decades, we know the ins-and-outs very well. Our experts can provide consulting on, and direct management of your accounts responsibilities.
We can assist through:
Deep, expert knowledge of the current EC rules regarding eligible costs. The rules change with every Framework Programme, and often require specific EC trainings. We make sure to stay up-to-date.
Define the payment rules carefully in the Consortium Agreement:
Separate EC payments from the company’s other bank account(s)
Distribute payments from the EC promptly to consortium members
If cascade funding is involved, ensure that money is retained from the EC payments to enable pre-payments to be paid to the successful bidders.
Staying aware of financial flows in the project, and counseling partners about the correct processes and procedures to be followed. This is vital as issued funding may be revoked and required to be refunded if the expense isn’t justified, and fraudulent activity is treated very seriously. We assist partners in:
Keeping good records of money received and spent
Keeping good records of time spent by every employee
Calculating the correct costs (especially personnel costs) according to the defined standards
Ensuring that all categories of costs to be claimed for, such as third parties and sub-contractors are correctly identified in the Grant Agreement