Financial procedures, CASCADE-FELLOWS Kick-off meeting 15 May 2013

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Explanation of project financial and accounting procedures by Jill Harris, EU Accountant, The University of Nottingham

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Financial procedures, CASCADE-FELLOWS Kick-off meeting 15 May 2013

  1. 1. 15 May 2013 CASCADE-FELLOWS KOM, EMCC NottinghamCASCADE-FELLOWSProject Finances andAccounting proceduresJill HarrisEU Accountant,University of Nottingham
  2. 2. Agenda• Budget breakdown• How fellow hosts will be reimbursed• Reporting timetable• Reports• Audits and required evidence15 May 2013 CASCADE-FELLOWS KOM, EMCC, Nottingham
  3. 3. Budget Breakdown• Budget per fellow year made up of:– Living allowance } make up– Mobility allowance } fellow’s salary– Contribution to research costs – for the hostinstitution15 May 2013 CASCADE-FELLOWS KOM, EMCC, Nottingham
  4. 4. 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
  5. 5. 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
  6. 6. 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=€73,20015 May 2013 CASCADE-FELLOWS KOM, EMCC, Nottingham
  7. 7. 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=€78,489.6015 May 2013 CASCADE-FELLOWS KOM, EMCC, NottinghamBasefiguresUKcoefficientapplied =100%Matchedfunding60%COFUNDfunding40%LivingAllowance€50,000 €67,200 €40,320 €26,880MobilityAllowance€6,000 €6,000 €3,600 €2,400TOTAL SALARY €56,000 €73,200 €43,920 €29,280Research costs €8,900 €8,900 €5,340 €3,560Total €64,900 €82,100 €49,260 €32,840
  8. 8. 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=€59,300.0015 May 2013 CASCADE-FELLOWS KOM, EMCC, Nottingham
  9. 9. 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=€78,489.6015 May 2013 CASCADE-FELLOWS KOM, EMCC, NottinghamBasefiguresItalycoefficientapplied =100%Matchedfunding60%COFUNDfunding40%LivingAllowance€50,000 €53,300 €31,980 €21,320MobilityAllowance€6,000 €6,000 €3,600 €2,400TOTAL SALARY €56,000 €59,300 €35,580 €23,720Research costs €8,900 €8,900 €5,340 €3,560Total €64,900 €68,200 €40,920 €27,380
  10. 10. 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 = €53,40015 May 2013 CASCADE-FELLOWS KOM, EMCC, Nottingham
  11. 11. 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=€78,489.6015 May 2013 CASCADE-FELLOWS KOM, EMCC, NottinghamBasefiguresGermanycoefficientapplied =100%Matchedfunding60%COFUNDfunding40%LivingAllowance€50,000 €47,400 €28,440 €18,960MobilityAllowance€6,000 €6,000 €3,600 €2,400TOTAL SALARY €56,000 €53,400 €32,040 €21,360Research costs €8,900 €8,900 €5,340 €3,560Total €64,900 €62,300 €37,380 €24,920
  12. 12. Reimbursement• Payment Schedule -– 60% on completion of Researcher RegistrationReport & signed Fellowship Agreement– 25% on completion of reports for first fellowshipyear*– 15% once fellow completes and submits finalreport** Combined if 12 month fellowship15 May 2013 CASCADE-FELLOWS KOM, EMCC, Nottingham
  13. 13. 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 theREA within 60 days of period end15 May 2013 CASCADE-FELLOWS KOM, EMCC, Nottingham
  14. 14. Reporting• Reports – Periodic Report– Publishable summary– Project Objectives for the Period– Work in Progress and achievements duringperiod– 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
  15. 15. Audits• Will be an audit at each reporting period• Nottingham as coordinator will beresponsible• Will need evidence from each host– Signed Fellowship agreement– Contract of employment– Accounts showing salary payments tofellows15 May 2013 CASCADE-FELLOWS KOM, EMCC, Nottingham
  16. 16. Contact Details• Jill.harris@nottingham.ac.uk• Tel : +44 115 846675715 May 2013 CASCADE-FELLOWS KOM, EMCC, Nottingham

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