Brussels, 31 August 2006
Grant agreements: Intelligent Energy - Europe 2003-2006
Financial guidelines for co-ordinators and co-beneficiaries
These guidelines have been prepared to help co-ordinators and co-beneficiaries (hereafter referred to as "the participants"1) to understand the financial provisions of the grant agreement. Participants should read the guidelines carefully together with the submitted model grant agreement and its general terms and conditions. The grant agreement references below refer to the model grant agreement for Intelligent Energy - Europe (IEE) actions.
If the guidelines conflict with the provisions of the agreement then the latter shall prevail.
I ACCOUNTING PRINCIPLES
All organisations, including universities, must keep proper accounts and supporting documents to justify as necessary all costs incurred and generated by the action.
Original documents and records must be kept for five years after the date of payment of the balance of the Community contribution. Evidence of costs, explanations and justifications, especially concerning the allocation and apportionment of indirect costs ("overheads"), must be readily available for inspection by the Intelligent Energy Executive Agency (IEEA) and/or the European Commission and their authorised representatives, as well as by the European Anti-fraud Office (OLAF) and the European Court of Auditors.