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 period. To obtain these data sum the exchange rates of the months of the reporting period and divide the sum by the number of months. Figures have to be rounded at the nearest Euro cent.
The final financial report also include a set of columns which summarise the variations in comparison with the initial budget: the grant beneficiary must report this value in EUR (absolute value) and in %, and must provide an explanation for each variation.
The grant beneficiary is required to report the allowed reallocation between budget heading of max 15% on the relative column, together with the use of contingencies where applicable.
Any interest or equivalent benefits accruing from pre-financing paid by the Contracting Authority to the Beneficiary shall be mentioned in the interim and final reports. Any interest accruing from pre-financing equal or below EUR 250 000 paid by the Contracting Authority shall not be due to the Contracting Authority and may be used by the Beneficiary for the Action. Any interest accruing from pre financing of more than EUR 250 000 paid by the Contracting authority shall be assigned to the Action and deducted from the payment of the balance of the amounts due to the Beneficiary, unless the Contracting Authority requests the Beneficiary to reimburse the interest generated by 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 funding:
- the applicant's financial contribution;
- the contribution sought form 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 form other organisations.
Sources and useful links: