✔ It provides the summary details of the expenditures incurred during the overall duration of the Action, and the variations in comparison with the initial budget (or addendum), together with the final list of sources of funding and the list of pending payments (above 500 euro)
✔ It must be drafted in the language of the Contract and shall be submitted no later than three months after the end of the implementation (six month in case the Coordinator does not have its headquarters in the country where the Action is implemented
The financial report is constituted of a set of columns that report the budget as per contract and the expenditures incurred.
For each of the budget item, the expenditures incurred are to be entered with their units, unit value (in euro), and their total cost (in euro). Cumulated costs, before current report and from start of the implementation to present report included, are to be added to.
Costs incurred in other currencies than the one used in the Beneficiary(ies)’s accounts shall be converted using the monthly Inforeuro on the date of payment or according to its usual accounting practices if so provided for in the Special Conditions. Additional information on expenditure incurred in local or other currencies than the euro (or the currency of the Contract) may be asked by the Contracting Authority.
The final financial report also includes a set of columns which summarise the variations in comparison with the initial budget: the Grant Beneficiary must report this value in EURO (absolute value) and in %, and must provide an explanation for each variation.
The Grant Beneficiary is required to report the allowed reallocations of max 25% between budget headings on the relative column. With the introduction of the new PRAG 2014, to report on contingencies the Grant Beneficiary should make reference to the fourth sheet of the Budget for the Action (Use of contingencies).
The financial report also foresees a section where the Grant Beneficiary should report the final sources of funding, namely:
A list of payments above 500 EUR that are pending is also to be provided together with the final financial report. The list includes the name of the provider, the object of the contract, the amount in euro, the due date and reference document. Explanations and comments are also to be provided.