4.3 What is the format and content of the financial report?

A template for financial reports is attached to the EC grant contract as annex:

Annex VI – 1 Financial Report PLEASE CHECK IN THE NUMBERING IN CONTRACTS

As per the above standard format, in the financial report there are two main sections:

The budget outline for the previous period and the budget outline for the following reporting period.

Apart from the fact that the standard financial report is compulsory, it is also a very efficient management tool as it provides the project manager with very useful information on the status of project financial resources and the potential need for budget revisions.

Before submitting the final financial report, the grant beneficiary has to undertake an Expenditure Verification exercise, as stipulated in the grant contract.

The expenditure verification exercise has the role of validating the eligibility and accuracy of all spent amounts, included in the final financial reports which are to be submitted to the Contracting Authority.

   

This publication has been produced with the assistance of the European Union. The contents of this publication are the sole responsibility of Regional Development Agency West and can in no way be taken to reflect the views of the European Union Office in Kosovo .

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