COMFORT - annual meeting�10^th May 2023

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FINANCIAL MANAGEMENT

Hege D. Høiland

Financial manager, University of Bergen

(coordinator)

This project has received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement No 820989 (project COMFORT, Our common future ocean in the Earth system – quantifying coupled cycles of carbon, oxygen, and nutrients for determining and achieving safe operating spaces with respect to tipping points)

UNIVERSITY OF BERGEN

uib.no

Finance and administration

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• Tasks since previous annual meeting:

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• Financial input to the periodic report

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• Transfer of interim payment

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• Support to the consortium in financial and administrative matters

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Financial management COMFORT

2

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COMFORT TIMELINE - Reporting and payment

Financial management COMFORT

3

Project currently in month 45

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Periodic report month 36 – Financial input

• Same procedure as for previous periodic reports:
• Form C / Use of resources
• Input to the technical report part B section 5.2 Use of resources
• Templates will be sent to the Financial officers (PI’s in copy).

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• New for final periodic report:
• Certificate on the financial statement (CFS)
• Audit report if reported direct costs =/> Euro 325k
• Process to obtain CFS can take some time
• Contact auditor early and agree on timeline

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• Initial deadline – 31^st September
• Beneficiaries requiring CFS may require more time

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Financial management COMFORT

4

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Reporting of costs final Form C

• The Commission will pay the consortium for accepted eligible costs up to the max grant amount – but will not pay more even if reported costs are higher.

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• It is important that beneficiaries report all their eligible costs – even if costs are higher than their estimated budget in Annex 2. Ref. article 20.3.b of the Grant Agreement:

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• Ensure that the consortium is paid the max grant amount
• The consortium can re-distribute funds between beneficiaries
• “Buffer” if costs are rejected in evaluation of periodic report or

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• Eligible costs: costs incurred by end of the project period, 31st August 2023, with exception of costs connected to the final reports (up to 60 days after the end of the project period – 30^th October – but in effect earlier due deadline of submission of Form C and CFS).

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Financial management SponGES

5

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Consortium financial status

Financial management COMFORT

6

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Bush up on eligible costs – General conditions

• Actually incurred and within the project period (except costs relating to the submission of the last periodic and final report)

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• Incurred in connection with the action as described in Annex 1 and necessary for it’s implementation
• Indicated in the estimated budget in Annex 2

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• Identifiable and verifiable (documented)

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• According to sound financial management – economy and efficiency

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• Recorded in the beneficiary’s accounts in accordance with national accounting standards, comply with applicable national law on taxes, labor and social security

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Financial management COMFORT

7

uib.no

Brush up on Eligible costs – Specific conditions

• Personnel costs
• calculation of hourly rate
• time recording/timesheets, declaration for personnel working full time

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• Other direct costs
• Travel costs – according to beneficiary rules
• Equipment – depreciation and adjustment for use in other projects
• Consumables and other goods and services purchased for the action

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• Use of third parties
• Should be described and budgeted for in Annex 1/Annex 2
• It is possible to report unforeseen use of third parties, but this is not recommended
• Clarify with clarified the coordinator if applicable

• All purchases (goods/services/subcontracting) must be according to best value for money

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Financial management COMFORT

8

uib.no

Budget flexibility

• It is possible to transfer funds between cost categories as long as it does not affect the work described in Annex 1�
• Unforeseen use of third party contact coordinator/Hege

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• Adjustment Form C’s�
• It is possible to make adjustment of costs for previous periods:
• if eligible costs were not reported
• correction of mistakes

Financial management SponGES

9

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Documentation

• All reported costs have to be documented according to article 18 in the Grant agreement

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• Scientists will normally only have to be concerned with:
• Timesheets/time recording (or declaration)
• Proper documentation of travel costs (proof of attendance, sign-inn list, agenda, connection to Annex 1/necessity for travel)�
• Remaining documentation is usually found on a central level (employment contracts, invoices, financial records etc).�
• And remember – Best value for money/best price for all purchases (follow your beneficiary’s purchasing rules)

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• Check documentation requirements with own organisation!

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Financial management COMFORT

10

uib.no

Eligible costs

• Eligible costs will be checked

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• In the periodic reports (Form C/Use of Resources)
• Not all costs are checked in periodic reports!

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• Certificate on the financial statement
• Only for beneficiaries that report =/> Euro 325k in direct costs
• Auditor will ask for documentation

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• EC/EU audits
• every reported cent can be evaluated
• Substantial documentation, not only for costs reported but for beneficiary’s accounting and management procedures

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• Each beneficiary is responsible for ensuring that only eligible costs are reported to the EC (coordinator responsible for monitoring the project)

Financial management COMFORT

11

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Financial management SponGES

12

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Financial management COMFORT

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