TACIS - Practical experiencesRiga 2007-09-26

Rolf Wännström

County Administrative Board of Västerbotten

Financial Management

• Crucial issues– Lead partner responsibilities– Legal status of Russian/Belorussian partners– Payments– Financial liquidity– Language

Financial Management

• Lead partner responsibilities– Lead partner receives pre-payment as soon as the Grant

Contract is signed by both parties (EC Delegation and Lead partner)

– Responsible for submitting Project updates, Interim and Final reports

– Auditing done by Lead partner

Financial Management

• Legal status of Russian/Belorussian partners– Regional/national authorities can not usually receive EU funds!

• Regional authorities are financed through the Treasury• The Treasury has no currency account• Transferring of funds from foreign organisations is impossible!

– Theatres, libraries which belong to a regional/national authority ARE allowed to open currency accounts!

– Should be discussed in the project preparation phase

Financial Management

• Payments– Cash

• Limit of 3.000 dollars

– Bank transfer to organisation• Opening of currency account in other country

– Bank transfer to service providers• Contracts with individuals, or sub-contractors

Financial Management

• Financial liquidity– Pre-payment very important– Second payment received when 70% of pre-payment is used– Final payment

Financial Management

• Language problem– Involve at least ONE english speaking person from each partner– Allocate resources for interpretation and translation