financial umayyad sc4 .pdf



Nom original: financial_umayyad_sc4.pdf
Titre: Diapositiva 1
Auteur: angelo

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Financial Aspects

15 December 2014 – 4th steering committee
Alexandria, Egypt

State of the Project
 Interim report has been submitted to the JTS.
 We are waiting for the approval of the interim report
from the JTS. We will possibly ask you for some
clarifications, please be reactive.
 The reception of the 2nd Project prefinancing depends
on this approval.

State of the Project
Reported amount at Project level (22/12/201231/05/2014):
795.201,07 €
All the partners submitted their interim report except:
P06 Mediterranean Liaisons Association
P07 ALECSO
P13 Federation of Egyptian Chambers of Commerce

Challenges faced during the Interim report and
solutions
 Dates were not appropriated (August)
 A better planning taking in consideration each partner
particularities is needed and a common agreement on
the delivering dates
 The update of the Budget previous to the request of the
IR should be planned well in advance

Challenges faced during the Interim report and
solutions
 Lack of organized archiving system of some
partners
 All transactions in accounting are referred to the necessary
supporting documents.
 Originals of the supporting documents have to be kept by
each PP, but copies are easily available by the Ben.
 Documents have to be archived in a way that they are easily
accessible after the project closure
(controls can be done till 7 years after the end of the project)

Challenges faced during the Interim report and
solutions
 Difficulties of the auditors to reconcile staff costs
 Each partner should prepare an xls document that explains
the calculation of the staff costs.
 Calculation of the hourly costs and timesheets.

Challenges faced during the Interim report and
solutions
 Lack of financial monitoring
 Since now, each partner updates the list of expenses every
other month
 Each partner sends the supporting documents and proofs
of payment corresponding to the list every other month.
 Supporting documents must be named considering the
number of the document that appears in the list of
expenditures
Example: 12_invoice
12_payment

Challenges faced during the Interim report and
solutions
 Some external auditors did not exactly follow the
ToR of the annex VII
 We will prepare instructions for them for the next audit.

Next prefinancing
The amount of the next prefinancing is calculated taking in
account the level of expenses reached and the forecast
deducting the amount left of the first prefinancing.
The distribution of the 2nd prefinancing among partners
will be calculated considering the expenses and forecasts
of each partner.

Next prefinancing
We do not receive 100% of the grant neither budget as
prefinancing.

Grant: 90% of the budget
1st Prefinancing: 80% of the grant, i.e 72% of the 1rst year
Project Budget

2nd prefinancing: 72% of forecast – ENPI share still
available from the 1st prefinancing (21/12/2012 31/05/2014)

State of the Project

1st prefinancing received
Cash status / Enpi share still
available
Forecast following 12 months
(31/05/2014 - 30/05/204)
ENPI share of the forecast
Maximum amount of
prefinancing
Amount of further prefinancing
(depending on the approval of
the JMA)

Reported
amount
22/12/201231/05/2014

ENPI share of
the reported
amount (90%)

793.663,23 € 795.201,07 €

715.680,96 €

77.982,27 €
1.967.481,01 €
1.770.732,91 €

1.416.586,33 €
1.338.604,06 €

Next steps at Project level
 Approval of the Interim report by JTS and JMA;
 Reception of the 2nd prefinancing;
 Update of the list of expenditures till 31/12/2014 (deadline:
10/01/2015) we will send you the updated versions of LoE;
 Send the supporting documents by Dropbox (deadline:
10/01/2015);

 Update of your Budget (deadline: 31/12/2014);
 Submission of the major change to JTS;
 Approval of the major change.

Major change – internal procedure
1. Partners send their updated budget to Beneficiary
(Overall Budget must be respected, no modification of
administrative costs or contingency reserve)
(Justify each modification in the column “comments” at the
right and explain the way costs are calculated in the case you
créate a new Budget line)
2. Ben assesses the modifications
3. Ben submits the budget amendment to each partner
project coordinator by email

Major Amendment – internal procedure
4. Each partner project coordinator must give its approval, and
send back the signed email to the beneficiary ASAP.
5. Ben sends it to the JMA for approval
6. Ben complete the JTS documents of request for a major change
7. JTS analyzes our Budget proposal, may ask for clarifications (up
to 45 days)

Major Amendment procedure – at project level
1. Once the Interim report is approved by the JMA, Ben requests
to the JTS project and financial officer the templates to request
a major change (including the budget excel file in force and the
template of the explicative report);
2. Beneficiary sends a cover letter requesting the major change,
the printed version of the explicative report and of the budget
table as amended (all signed by the legal representative) and the
working files.

Major Amendment procedure – at project level

3. The JTS and the JMA will assess the proposed
modifications and, if acceptable, a written procedure will be
launched to allow the JMC to approve the addendum;
4. The Addendum must be signed by both the JMA and the
Ben.

Bilateral meetings are planned to answer each partners
questions

Thank you for your attention




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