EUROPEAN MUSIC INCUBATOR


FINANCIAL MANAGEMENT


Financial management is time-consuming... Don't underestimate it

IMPORTANT POINTS

1. Keep track of your budget compared to your initial estimated budget


2. Keep good accounting records

3. Fill supporting documents at regular interval


4. Send Trempolino information (preferably) after each activity










FINANCIAL AGREEMENT

FINANCIAL AGREEMENT

Global budget of the project is 333 163,24 euros


EU grant requested for the project is 199 607,17 euros


Co-funding part is 133 556,08 euros

FINANCIAL AGREEMENT

The allocation of the grant is as following:

  • Trempolino (LP): 113.281,25 euros
  • Comune di Genova (PP): 23.329,60 euros
  • Lab 852 (PP): 20.488,43 euros
  • University of Tartu: 17.940 euros
  • Sound City Festival: 24.567,89 euros

FINANCIAL AGREEMENT

The co-funding of PP is as following:

  • Trempolino (LP): 67.978,75 euros
  • Comune di Genova (PP): 18.330,40 euros
  • Lab 852 (PP): 126.747 HRK – 16.763,26 euros
  • Viljandi Culture Academy: 11.960 euros
  • Sound City Festival: 13.568,50 GBP – 18.533,67 euros

PAYMENT PROCEDURE


Trempolino will transfer partner's bank account :

  • 50% in September 2016
  • 30% in September/October 2017 - as soon as mid-term report is validated
  • 20% at the end of the project at early 2019 - as soon as final report is validated


cf. Cooperation Agreement - article 7

HOW DOES EU GRANT WORK?

  1. EU grant requested for the project is 199 607,17 euros
  2. It means we aren't sure yet to get this amount
  3. We have to send EACEA Agency :
  • Financial statement
  • Invoices and accounting records
  • Staff costs records

HOW DOES EU GRANT WORK?

EACEA agency checks if all the documents sent by Trempolino (2 months after the end of the project) is OK


If so, they pay the balance (20%)


If not:

  • EU only reimburses expenditures they consider as eligible
  • EU may ask for (partial or full) reimbursement of 1st and 2nd payments









PRESENTATION OF EMI BUDGET

EMI BUDGET / PHASE 1

Each partner covers:

  • Local hub meetings catering - max. 800 euros
  • Kick-off meeting travel (max. 320 euros) – only 1 person for partner team
  • Staff costs + indirect costs


Kick-off meeting accommodation & subsistence costs covered by Trempolino


Note: the Local Hub stakeholders make free contribution to the local working-group.

EMI BUDGET / PHASE 2

No phase 2 expenditures

Only staff costs & indirect costs

EMI BUDGET / PHASE 3

1. In order to organize these 2 workshops, each partner will:

  • Hire out a workshop room (if needed) and workshops materials - up to 600 euros / day
  • Take in charge catering for the workshops – up to 200 euros
  • Cover workshop facilitators’ fees including travel expenses, accommodations costs and allowance fees – up to 1600 euros for 2 days

       Trempolino will cover musicians’ travels, accommodation and subsistence costs for attending the workshops.


2. In order to organize 1 or 2 pilot-projects, each partner will:

  • Cover pilot-project mentors fees including travel expenses, accommodations costs and allowance fees – the fees have to be defined (except for University of Tartu)
  • Cover musician’s fee and production fee for pilot-project – up to 1500 euros + 900 euros per musician
  • Cover technician fee (if needed) – up to 250 euros


3. In order to attend The 2 Collaborative Lab Meetings, each partner will cover for 1 person:

  • Meeting travels (max. 320 euros)
  • Meetings accommodation (80 euros / night) & subsistence costs (40 euros / day)

EMI BUDGET / PHASE 4


  • Covering bar-camp technician fee including travel expenses, accommodations costs and allowance fees (1 person * 200 days)
  • Covering bar-camp facilitators’ fees including travel expenses, accommodations costs and allowance fees – up to 600 euros (3 people * 200 euros)
  • Covering translators fees (to be defined)
  • Covering travel expenses, accommodations costs for foreign bar-camp team (to be defined) - up to 6 people – 320 euros for travel and 70 euros / night – 2 nights
  • Covering subsistence costs for attending people (880 euros)










EU BUDGET OPERATING

BUDGET MODIFICATIONS


May we modified the estimated budget?


1. Trempolino can take in charge a partner's expenditures (& vice-versa) as long as a cost is paid by one of the beneficiaries (project leader or one of the partners) the project remains eligible

Trempolino, as a leader, has to agree on this


2. As long as costs are in the same budget chapter, partners can compensate an under-spending of travel costs with additional subsistence costs

Trempolino, as a leader, has to agree on this


If budget increases or decreases more than 10%, Trempolino will sign an amendment


Anyway I will alert EACEA Agency for any kind of changes

TRAVEL & SUBSISTENCE COSTS

  • Should be necessary and reasonable
  • Reimburse flight and train economy-class tickets
  • For travel by car, the costs are reimbursed based on 0,22c/km (Please don't use a car if not needed)
  • Keep track of tickets or travel invoices
  • If flight tickets : keep the boarding passes


STAFF COSTS

Planned staff team expenditures per partner

  • University of Tartu: 9900 euros from June 2016 to December 2018
  • Comune di Genova: 16500 euros from June 2016 to December 2018
  • Lab 852: 17358 euros from June 2016 to December 2018
  • LSC: 16500 euros from June 2016 to December 2018

STAFF COSTS

  • Staff costs must follow the usual remuneration policy
  • If a person is hired for the project, you need to present a contract, a job description and salary slips
  • Staff costs must be readibly paid
  • Staff costs are recorded as co-fundings in estimated budget

STAFF COSTS

So all the beneficiaries have to prove working-time by:

  • filling time-sheets every month
  • keeping track on paper and/or web calendar
  • making meeting reports for every meeting


If you're not working on a full-time basis form EMI, the time-sheet must cover X% for EMI and X% for the organization

INDIRECT COSTS

Indirect costs (premise and related expenses and offices expenses) – max. 7% of the direct costs:

  • University of Tartu: 2180 euros from June 2016 to December 2018
  • Comune di Genova: 2700 euros from June 2016 to December 2018
  • Lab 852: 2381 euros from June 2016 to December 2018
  • LSC: 2732 euros from June 2016 to December 2018


Indirect costs are directly recalculated at the end of the project. No need to keep track for these costs.

INELEGIBLE COSTS

  • Return on capital
  • Debts
  • Provisions for losses & debts
  • Deductible VAT
  • Bank costs
  • Costs declared by a partner in the framework of of an other action funded by another EU program
  • Contributions in-kind

OTHER COSTS


Not planned in estimated budget :
  • Equipement costs
  • Sub-contracting costs


The rules are specific for these kind of costs


If needed, let Trempolino know before

EXCHANGE RATES

For Croatia and UK only:


The financial statement will be in euro


The exchange rate to be used is monthly published on EU website


OBLIGATIONS TO KEEP DOCUMENTS

After each activity (we'll make a reminder), please send via ASANA:

  • copies of invoices and proofs of payments
  • boarding passes, train tickets, etc.
  • time-sheets
  • all documents related to financial management


to olivier@trempo.com & caroline@trempo.com


OBLIGATIONS TO KEEP DOCUMENTS


Beneficiaries are obliged to keep all original documents, especially

  • accounting and tax records
  • proof of payment
  • bank statements

stored on any appropriate medium for a period of 5 years

CASH PAYMENTS

Please avoid cash payment and pay by transfer whenever possible


If not possible, keep track of :

  • Proof ot the cash withdrawal
  • Copy of the invoice to justify the withdrawal
  • A signed receipt


FINANCIAL MANAGEMENT NEXT STEPS

  1. Interim reports
  2. Final activity reports
  3. Final financial report
  4. Checks, audit & evaluation


We'll talk about all of these later


Any questions about financial management?


Olivier TURA

olivier@trempo.com

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EMI_Financial_management

by olivier8

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Public - 9/14/16, 8:55 AM