identified by the beneficiary in accordance with its accounting system, and can be attributed directly to the project
personnel costs – actual hours worked (hired by the beneficiary in accordance with its national legislation – be under the sole supervision of the latter – and be remunerated in accordance with the normal practices of the beneficiary)
which cannot be identified by the beneficiary as beeing directly attributed to the project but which can be identified and justified by its accounting system as being incurred in direct relationship with the eligible direct costs attributed to the project
exchange losses, cost related to return on capital
costs declared or incurred or reimbursed in
respect of another Community project
debt and debt service charges
excessive or reckless expenditure
Accounting Principle Book Keeping System is proving the direct and indirect costs - de facto (in Euro) Calculating and proving the direct costs (in Euro) and calculating the indirect costs as a flat rate (percentage of the direct costs – excl. subcontracts)
Three kinds of receipts must be taken into consideration in order to avoid any possibility of profit:
Financial transfers or their equivalent to the contractor from third parties ;
Contributions in kind from third parties;
Income generated by the project.
In the first two cases (financial transfers or contributions in kind), these endowments are considered as receipts of the project if the third party has provided them specifically to be used in the project .