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Financial management

Financial management

  • If our project is approved, when will we receive the Programme funding?

    The finding is transferred to the lead partner after the reviewing the first report (and the lead partner is responsible for distributing it further between the project partners). There are no advance payments in this Programme, so the applicants have to be ready to invest their own resources and later get reimbursed for their eligible expenses after each reporting period. Reporting periods are with a duration of 3 or 6 months (decision has to be taken by the project after being approved), and processing of the partner reports and a joint progress report takes approximately 4 month (depending on the complexity and additional clarifications needed from the partners).

    So the first payment to the project can be expected around 7 months after project start in case of 3 month reporting periods and in 10 months in case of 6 month reporting periods.  

  • Can the funding be transferred from one budget line to another after the project is approved?

    The lead partner is allowed to reallocate funding between the budget lines and/ or work packages in well justified cases. Please see the Programme Manual section 8.6. for more information.

  • Are miscellaneous expenses allowed in the budget?

    No. It is therefore important to plan the budget carefully in advance.

  • How can we make sure that all of our budgeted costs are eligible?

    Please be aware that your budgeted costs are eligible according to both Programme Manual and the national reporting guidelines, which are slightly different in Estonia and Latvia. In case of differences between the Programme Manual and national reporting guidelines, the stricter rule applies. Please see the section Guiding documents.

    Please also make sure that you follow all the requirements and procedures for procurement and other expenses. In case of doubts, please consult the First-level Control in advance.

  • What are the main risks to lose the funding (i.e. have the funding considered as ineligible)?

    The risks to have the expenses considered as ineligible mainly come from inappropriate financial management, lack of fulfilling all the requirements and procedures for the procurement, ignorance of the eligibility rules (both in the Programme Manual and national reporting guidelines), adequate bookkeeping, or insufficient fulfilment of the publicity requirements (see Publicity Guidelines). Please follow these rules carefully and consult about all the unclear issues in advance.

  • Can we hire a professional Financial Manager for the project?

    Yes, please see the Programme Manual, section 7.2

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Joint Technical Secretariat, Estonia – Latvia Programme, Enterprise Estonia, Sõbra 56, 51013 Tartu, Email: info@estlat.eu, Fax: +372 6279 701 Copyright 2009 EAS
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