Stages · 10/10
Reporting, audit, closure
Stage 10 of 10 in the grant lifecycle: 7 knowledge base articles on programmes, rules and terms for this step.
Glossary7
- CFS: Certificate on the Financial Statements A CFS is a report by an independent auditor who checks, under agreed-upon procedures, the costs declared in a beneficiary's financial statements. In Horizon Europe it is required only at the final payment and only for a participant whose requested EU contribution reaches EUR 430,000. Below the threshold no certificate is needed and its cost is not reimbursed. Horizon Europe
- Eligible and Ineligible Costs Eligible costs are the costs a donor agrees to cover with the grant because they meet the conditions of the agreement: actually incurred during the project, foreseen in the budget, necessary for its implementation and backed by documents. Anything that fails these conditions, or is expressly excluded by the agreement, is rejected at the check, and the organisation covers that money itself.
- Final payment and closing the grant The final payment is the closing settlement of a grant: the donor determines the final amount from accepted costs and deducts everything already paid. The difference can be positive or negative, in which case part of the advance has to be repaid. In Horizon Europe the payment is due within 90 days of receipt of the final report. Horizon Europe
- Financial statement for a grant A financial statement is the part of the periodic report in which each participant declares its eligible costs for the reporting period. In EU grants it is filled in on the Portal in euros, signed by an authorised person of the organisation, and due within 60 days of the end of the period. The interim or final payment depends on its acceptance.
- Record-keeping after the grant ends After a grant ends, project records must be kept for several more years, because the donor may check costs after the last payment. In EU grants this is five years after the final payment, or three for grants of up to EUR 60,000. If a document is missing when a check comes, the related cost is rejected and the money has to be repaid.
- Reporting (grant reporting) Reporting in Horizon Europe works in two modes: continuous reporting on milestones, deliverables and risks, and periodic reporting, the technical and financial part on which payments depend. The periodic report is submitted within 60 days after the reporting period ends.
- Timesheets (time records) A project timesheet is the evidence of how much time a specific person spent on the grant itself. The amount of personnel costs depends on it. In Horizon Europe hourly timesheets can be replaced by a monthly declaration of days, and costs are calculated as a daily rate multiplied by the number of days worked on the action.
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