Completeness of financial statements – Final Report
Please note that missing information/documents will lead to delays in the final payment and/or possible rejection of costs
In order to consider a final financial statement complete, the following info/documents should be available:
¨ Cover letter requesting the payment of the balance;
¨ 2 duly signed original sets of Final Financial statements:
· Cover page
· Summary of allowable costs duly signed by the coordinator;
· Financial statement overview – to be completed by the coordinator only;
· Overview of costs incurred for period
· Individual Financial Statements from each beneficiary (including members of association - in case the partner is an association with members) – all duly signed by the project beneficiaries.
¨ All financial statements cover the correct reporting period (please refer to Article I.2 of the Grant agreement). If the period is incorrect, a set of new signed financial statements might be requested.
¨ An audit certificate from any single beneficiary whose total EU Requested contribution from EASME for the action exceeds € 150,000 (for Public bodies and International organisations no audit certificate is requested). This threshold is applicable for Call 2009 and later calls.
For Call 2008 the thresholds are: €180,000 for small size enterprises; €150.000 for medium sized enterprises; €120.000 for large enterprises;
¨ Copies of bank statements, showing the transfer by the coordinator of the 2nd pre-financing to each beneficiary;
¨ All financial statements are duly dated and signed by their respective 'Person in Charge of the Work' (PCOW) and "Financial responsible". If financial statements are signed by another person that the person in charge of the work (PCOW) as defined in the Part A of your original proposal, a letter explaining the change of person should be included with the financial statement;
¨ For projects from Call 2009, Call 2010, Call 2011, etc. -The financial statements are in EURO. For the non-euro zone countries the following options exist: you can use EITHER the exchange rate that was applicable on the 1st day of the month following the end date of the reporting period, OR the exchange rate on the day when the cost was incurred. Whichever you choose, it should be the same for the whole project duration. You find the exchange rates here: http://ec.europa.eu/budget/inforeuro.
(See also Grant agreement article I.11.2);
¨ For projects from Call 2008 - The financial statements are in EURO for the euro zone countries or in the national currency for the non-euro zone countries. If your country joins the EURO during the action, please submit two financial statements (One in national currency until the change to EURO, and one in EURO for the period thereafter). You should use the exchange rate that was applicable on the 1st day of the month following the end date of the reporting period. You find the exchange rates here: http://ec.europa.eu/budget/inforeuro.
¨ Financial statements should be accompanied by the copies of the invoices of the 3 biggest invoices for each one of the following categories: Equipment and infrastructure, Subcontracting and Other specific costs. Invoices should make it possible to identify the project
¨ Co-beneficiaries including VAT in their eligible costs should include a certificate from their national tax authorities stating that they are unable to recover it;
¨ A budget transfer request should be attached to the Final report in case of change of budget within the flexibility allowed by Article I.4.4. of the Grant agreement (see template at http://ec.europa.eu/environment/eco-innovation/managing-projects/contract-finance/index_en.htm). Please note that for change of budget beyond this flexibility, an amendment has to be requested at least one month before the action ends;
¨ Co-beneficiaries are highly advised to include the 'hourly rate calculation table' as included with the financial report template. Please note that this table is not mandatory, it only speeds up the verification of the costs by EASME in case there is doubt about the rates claimed;
¨ Please ensure to only include actual costs, so the budget spent will differ from the estimated budget as defined in Annex II.