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Preparing the final financial report

The financial report is constituted of a set of columns that report the budget as per contract and the expenditures incurred. For each currency in which the budget has been implemented during the specific reporting period the report will have a set of 4 columns (number of units, unit cost in foreign currency, total cost in foreign currency, total cost in Euro), so that per each currency the exchange rates to be used will be the arithmetical average of the InforEuro exchange rate for the reporting period. These data are obtained by summing the exchange rates of the months of the reporting period and dividing the sum by the number of months. Figures have to be rounded at the nearest Euro cent.

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 15% between budget headings on the relative column. With the introduction of the new PRAG 2010, to report on contingencies the Grant Beneficiary should make reference to the fourth sheet of the Budget for the Action (Use of contingencies).

Any interest or equivalent benefits accruing from pre-financing paid by the Contracting Authority to the Grant Beneficiary should also be mentioned in the final financial report. Any interest accruing from pre-financing equal or below 250,000 EURO paid by the Contracting Authority shall not be due to the Contracting Authority and may be used by the Grant Beneficiary for the Action. Any interest accruing from pre-financing of more than 250,000 EURO paid by the Contracting authority shall be assigned to the Action and deducted from the payment of the final balance, unless the Contracting Authority requests the Grant Beneficiary to reimburse the interest generated from pre-financing payments before the payment of the balance.

The financial report also foresees a section where the Grant Beneficiary should report the expected sources of co-financing:

  • the applicant's financial contribution;
  • the contribution sought from the European Commission;
  • the contribution(s) from other European Institutions or EU Member States (N.B. The EC cannot finance an action 100% so co-financing cannot have origin from other EC grants);
  • the contribution from other organisations.





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