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Explanation of project financial and accounting procedures by Jill Harris, EU Accountant, The University of Nottingham
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15 May 2013 CASCADE-FELLOWS KOM, EMCC Nottingham
CASCADE-FELLOWS
Project Finances and Accounting procedures
Jill HarrisEU Accountant,
University of Nottingham
Agenda
• Budget breakdown• How fellow hosts will be reimbursed• Reporting timetable• Reports• Audits and required evidence
15 May 2013 CASCADE-FELLOWS KOM, EMCC, Nottingham
Budget Breakdown
• Budget per fellow year made up of:– Living allowance } make up– Mobility allowance } fellow’s
salary
– Contribution to research costs – for the host institution
15 May 2013 CASCADE-FELLOWS KOM, EMCC, Nottingham
Budget
• BASE FIGURES– Living allowance - €50,000p.a.– Mobility allowance - €700/€500 p.m.
(depending on family obligations)
– Contribution to research costs - €8,900p.a.
15 May 2013 CASCADE-FELLOWS KOM, EMCC, Nottingham
Budget
• Appropriate country co-efficient applied to salary figures (2012 work programme – Page74 EU; Page 75 Non-EU)
15 May 2013 CASCADE-FELLOWS KOM, EMCC, Nottingham
Budget
• Example in UK– Living allowance - €50,000p.a. x 1.344 = €67,200– Mobility allowance - €700/€500 p.m. =
€500 x 12 = €6,000– Therefore total salary =
€67,200.00+€6,000=€73,200
15 May 2013 CASCADE-FELLOWS KOM, EMCC, Nottingham
Budget
• For Example in UK
– Living allowance - €50,000p.a. x 1.344 = €67,200– Mobility allowance - €700/€500 p.m. x 1.344 =
€940.8 x 12 = €11289.60
– Therefore total salary = €67,200.00+
€11,289.60=€78,489.60
15 May 2013 CASCADE-FELLOWS KOM, EMCC, Nottingham
Base figures
UK coefficient applied = 100%
Matched funding60%
COFUND funding 40%
Living Allowance
€50,000 €67,200 €40,320 €26,880
Mobility Allowance
€6,000 €6,000 €3,600 €2,400
TOTAL SALARY €56,000 €73,200 €43,920 €29,280
Research costs €8,900 €8,900 €5,340 €3,560
Total €64,900 €82,100 €49,260 €32,840
Budget
• Example in Italy– Living allowance - €50,000p.a. x 1.066 = €53,300– Mobility allowance - €700/€500 p.m. x 12 =
€500 x 12 = €6,000.00
– Therefore total salary = €53,300.00+
€6,000.00=€59,300.00
15 May 2013 CASCADE-FELLOWS KOM, EMCC, Nottingham
Budget
• For Example in Italy
– Living allowance - €50,000p.a. x 1.344 = €67,200– Mobility allowance - €700/€500 p.m. x 1.344 =
€940.8 x 12 = €11289.60
– Therefore total salary = €67,200.00+
€11,289.60=€78,489.60
15 May 2013 CASCADE-FELLOWS KOM, EMCC, Nottingham
Base figures
Italy coefficient applied = 100%
Matched funding60%
COFUND funding 40%
Living Allowance
€50,000 €53,300 €31,980 €21,320
Mobility Allowance
€6,000 €6,000 €3,600 €2,400
TOTAL SALARY €56,000 €59,300 €35,580 €23,720
Research costs €8,900 €8,900 €5,340 €3,560
Total €64,900 €68,200 €40,920 €27,380
Budget
• Example in Germany– Living allowance - €50,000p.a. x 0.948 = €47,400– Mobility allowance - €700/€500 p.m. =
€500 x 12 = €6,000– Therefore total salary =
€47,400+€6,000 = €53,400
15 May 2013 CASCADE-FELLOWS KOM, EMCC, Nottingham
Budget
• For Example in Germany
– Living allowance - €50,000p.a. x 1.344 = €67,200– Mobility allowance - €700/€500 p.m. x 1.344 =
€940.8 x 12 = €11289.60
– Therefore total salary = €67,200.00+
€11,289.60=€78,489.60
15 May 2013 CASCADE-FELLOWS KOM, EMCC, Nottingham
Base figures
Germany coefficient applied = 100%
Matched funding60%
COFUND funding 40%
Living Allowance
€50,000 €47,400 €28,440 €18,960
Mobility Allowance
€6,000 €6,000 €3,600 €2,400
TOTAL SALARY €56,000 €53,400 €32,040 €21,360
Research costs €8,900 €8,900 €5,340 €3,560
Total €64,900 €62,300 €37,380 €24,920
Reimbursement
• Payment Schedule -– 60% on completion of Researcher Registration
Report & signed Fellowship Agreement– 25% on completion of reports for first fellowship
year*– 15% once fellow completes and submits final
report*
* Combined if 12 month fellowship
15 May 2013 CASCADE-FELLOWS KOM, EMCC, Nottingham
Reporting
• Reporting periods as per Grant Agreement:– 1 Apr 2013 – 31 Mar 2015 (24 months)– 1 Apr 2015 – 31 Mar 2017 (24 months)– 1 Apr 2017 – 31 Mar 2018 (12 months)
• All reports need to be submitted to the REA within 60 days of period end
15 May 2013 CASCADE-FELLOWS KOM, EMCC, Nottingham
Reporting• Reports – Periodic Report
– Publishable summary– Project Objectives for the Period– Work in Progress and achievements during
period– Deliverables and milestones – Project Management– Report on the Fellowships Awarded– Financial Statement (Form C)– Certificate on the Financial Statement (Audit)
15 May 2013 CASCADE-FELLOWS KOM, EMCC, Nottingham
Audits
• Will be an audit at each reporting period• Nottingham as coordinator will be
responsible• Will need evidence from each host
– Signed Fellowship agreement– Contract of employment– Accounts showing salary payments to
fellows
15 May 2013 CASCADE-FELLOWS KOM, EMCC, Nottingham
Contact Details
• Tel : +44 115 8466757
15 May 2013 CASCADE-FELLOWS KOM, EMCC, Nottingham
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