EU Publishes new revised financial regulations which become applicable on 1 January 2013.
These new regulation effect FP7 Projects.
· Beneficiaries of EU funds will no longer be obliged to open a separate bank account to receive an upfront payment at the start of a project and to return to the Commission any interest yielded by this money while it stays on this account – unless this issue is specifically addressed and included in the Grant Agreement.
· Pre-financing payments are to be speeded up.
· The following costs are Eligible only if allowed in the call for proposals:
- Pre-financing Guarantees
- External Audit Costs as required for payment.
- VAT if the VAT is unrecoverable (please see official journal for full text)
- Depreciation Costs
- Salary costs of personnel of National Administrations for work that they would not do if not in the project.
The Commission is currently busy producing new financial guidelines for these regulations but they will take a while to come out. In the meantime, please read the regulations or come to one of our upcoming workshops.
To Download the new Regulations please click here.