All accounting documents, invoices etc. for an EU project must be retained by the partners for up to 2 years after the final payment, as until this time financial and technical audits may be undertaken by the Commission.

Possible consequences of a negative audit assessment include:

• Adjustment of deliverables
• Reclamation of grants
• Exclusion of beneficiaries
• Payment of fines

A specific characteristic of the financial statements is that the reports must be submitted online by a person who has been authorised for the purpose via a separate procedure.

This person is the Financial Statement Authorised Signatory (FSIGN).

Only the person assigned as the FSIGN for a project may send a financial statement with their electronic signature by using their access to the Participant Portal.

For OVGU both FSIGNS and LSIGNS have been specified. Within a project a person must be assigned in agreement with the EU Office.

Note: only 85% cash flow in the course of the project

Payments are subdivided into three types:

• Pre-financing,
  • for projects with two reporting periods, it is anticipated that 45% of the total grant will be paid out 30 days after signing of the contract
  • for projects with three reporting periods, it is anticipated that 33% of the total grant will be paid out 30 days after signing of the contract
•  5% of the grant will be deducted from the total amount at the pre-financing stage and paid into the guarantee fund
• Periodic payment 1 or several
  up to a maximum of 90% of the total grant amount
• Final payment
  the remaining 10% of the total grant amount plus the repayment of the 5% from the guarantee fund