what makes final financial reporting different from regular reporting? rostislav zatloukal

Part-financed by the European Union

What makes final financial reporting different from regular reporting?

Rostislav ZatloukalFinancial Manager, BSR INTERREG III B Joint Secretariat

BSR INTERREG III B NP 6th Quality WorkshopRiga, 27-28 September 2007

BSR INTERREG III B NP 6th Quality Workshop, Riga, 27-28 September 2007

Content

(1) Time schedule

(2) Final reporting

(3) Responsibilities after the project closure


(1)Time schedule

Final project reporting period

Submission of the final project Progress

report

Final payment to the Programme by the

ECOM

Keeping of the documents by the

projectsUp to 9 months 3 months ? 3 years

End date for eligibility of all project costs

Expected by 2010 Expected by 2013


Preliminary timetable

31.12.2007

29.02.2008

31.05.2008

30.09.200831.10.2008

all final project reports must be submitted

payment request to the ECOM

? 2010


(2) Final reporting

In practise final financial report is the same as the regular FR.

• Last possibility to correct detected mistake by simple adjustment or deduction from the reported expenditures

• To deduct revenues generated during the project duration

• Purchase of equipment within the BL6 Other in the final stage / only proportional depreciation is strongly recommended


(2) Final reporting

Potential risks and shortcomings detected by the FLC and SLA

General observations:

• Exceeded budgets in BLs / WPs

• Incompletness and lack of documentation

• Project costs not identifiable in the accounting system

• Calculations are not transparent and not in line with the EU/national rules

• Costs are not clearly linked to the project activities

• Declaring unjustifiably high costs


(2) Final reporting

Examples:

• OH costs: calculation is not based on the real costs

• Personnel costs: incorrect calculation and missing proofs of work done, timesheets

• Public procurement

• Revenues are not deducted

• Daily allowances

• Information and publicity measures

• Reporting of costs actually not paid out / or outside the rep.per.


(3) Responsibilities after the project closure

1. Audits after the project closure

2. Availability of project‘s and accounting‘s documents

3. Location and ownership of the purchased items and investments

4. Information and publicity measures

5. Update your contact details


1. Audits after the project closure

Subsidy contract, §8 Audit rights

• Responsible auditing bodies of EU

• Responsible auditing bodies of EU Members States and Norway

• Investitionsbank S-H

• LP and PP can be asked to provide necessary information and give access to its business premises


2. Availability of project‘s and accounting‘s documents

Subsidy contract, §8 Audit rights

• For audit purposes

• All files, documents and data about the project

• Min. 3 years after final payment by ECOM to the BSR IR 3B NP

Final payment is expected in 2010

Consequently retention of the documents would be till 2013 (if the national law does not require longer period).


3. Location and ownership of the purchased items and investments

Council Regulation (EC) No. 1260/1999, art. 30, indent 4

Project must not within five years of the decision of the managing authority (signature of the Subsidy contract) on the contribution of the Funds undergo substantial modification:

• affecting ist nature

• giving to a firm or public body an undue advantage

• in the nature of ownership.


4. Information and publicity measures

European Commission Regulation (EC) No. 1159/2000 on information and publicity

To be respected:

• for all products co-financed by BSR IR 3B NP

• also after the project closure.


5. Update your contact details

In order to come back to you at later stage for communication regarding point 1 and 2

Part-financed by the European Union

What makes final financial reporting different from regular reporting?

Rostislav ZatloukalFinancial Manager, BSR INTERREG III B Joint Secretariat

BSR INTERREG III B NP 6th Quality WorkshopRiga, 27-28 September 2007

what makes final financial reporting different from regular reporting? rostislav zatloukal

Documents