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Project Completion

When the project is completed, the coordinator must draw up a final report for the EU. This report is comprised of technical and financial sections, and has to outline the most important results and consolidated costs. Read more about the deadlines and requirements to be met by the coordinator.

Final Report

No later than 60 days after completion of the scientific work the coordinator must submit a final report to the EU. This report is to contain scientific results and the final accounts of the project. The final report is submitted together with the last periodic report.

When the EU has approved the final report the last instalment of the EU fund is paid to the coordinator. Subsequently, the coordinator distributes the fund to the project partners.

Documentation Requirements after Project Completion

Beneficiaries are obliged to keep all original documentation for all direct eligible costs for five years after final payment from the EU. It is therefore important to keep:

  • all original accounting records
  • employment contracts
  • invoices
  • time records etc.

This applies to all project participants.

Where a beneficiary’s project costs exceed EUR 430,000 (EUR 725,000, if beneficiary is pre-approved through the Commission’s Systems and Process Audit, SPA) a report (Certificate on the Financial Statement, CFS) must be submitted by an independent auditor together with the final report.

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Three Types of EU Auditing

It is important that EU funding is used in compliance with the contract between the beneficiary and the EU. To avoid frau with EU funding the EU conducts three different types of auditing where the project is audited at different levels. Under all three types of auditing the beneficiary must be able to present documentation relating to the project.

Note! There are no requirements for documentation of indirect costs.

The three types of EU auditing are:

1. Checks
An administrative review of the motives underlying the eligible costs as well as project progress. Checks are conducted by a Project Officer.

2. Reviews
A technical evaluation of the project conducted by a professional expert on behalf of the EU.

3. Audits
An actual audit of eligible costs among selected beneficiaries. Audits are conducted by an audit firm on behalf of the EU or by the EU itself.

last modified Jun 30, 2021