Budgetary principles Clause Samples

Budgetary principles. 6.1 The Lead Partner is the sole responsible party toward the Managing Authority for the budgetary and financial management of the project. It shall be responsible for the realisation and the transfer of the project’s payment claims to the Managing Authority/URBACT Secretariat and requests for modification of the budget to the URBACT IV Monitoring Committee. 6.2 The project budget approved by the Monitoring Committee shall determine the sum total of eligible expenditure, as well as its breakdown into the various items of expenditure. 6.3 As indicated in the Terms of References of the call, the passage from Stage 1 to Stage 2 is NOT automatic. No official approval will be needed to proceed into Stage 2 but projects can be stopped if they are considered to be of poor quality. if the network is stopped, the project will be allowed to declare total eligible expenditure incurred during Stage 1. The ERDF co-financing will be calculated applying the Project Partners funding rate to the claimed eligible expenditure. 6.4 The Lead Partner must ensure the correctness of the accounting and financial reports and documents drawn up by the Project Partners. The Lead Partner may request further information, documentation and evidence from the Project Partners to that effect. 6.5 Every Project Partner shall be held responsible for its budget up to the amount as to which it participates in the operation and pledges to release its part of the co- funding. 6.6 Every Project Partner commits to keeping separate accounts solely used for the project or at least a project code to identify cost linked to the project. The official currency of the programme is € and all payment of ERDF will be made in euro. 6.7 All partners, including the Lead Partner, are obliged to have their accounting certified by a first level controller independent of the project’s activities. The signed certificates and statements of expenditure shall be submitted by the Project Partners to the Lead Partner, in accordance with the schedule and requirements stipulated by the Lead Partner. If required by the Lead Partner, these documents shall include copies of all pieces of evidence (invoices, documents related to tender, bank statements, etc. 6.8 The Lead Partner is responsible for sending to the Managing Authority/URBACT Secretariat the project’s certificates and statements of expenditure and the payment claim in accordance with the timing and procedures described in the Programme manual. The Lead Partner is ...
View Source
Budgetary principles. 5.1 Expenditure and income shall be budgeted separately. 5.2 The budget estimates shall apply to expenditure and income for the financial year to which they relate and in which they will probably accrue. Depreciation shall not be budgeted. Inventory items shall be budgeted at cost. 5.3 Authorizations for commitments to be entered into during the budget year accruing in later financial years shall be shown for each financial year except for commitments referring to recurrent operating affairs. 5.4 Expenditure and income shall be budgeted with and without changes in price levels. The Council shall decide which of these figures shall form the adopted budget authorization. 5.5 Income, except for contributions from the Associates, shall be off-set against the operating budget of the Association. The budget shall be balanced by contributions of the Associates. 5.6 In accordance with Paragraph 16 of the Agreement contributions in kind by the Associates shall be budgeted as if the Association received funds and incurred expenditure.
View Source
Budgetary principles. 1. The detailed budget of the Individual Development Programme attached to this Agreement presents the calculation of expenses of the Grantee necessary to start and develop business activity in Poland. 2. The calculation referred to in Subsection 1 shall take into account exclusively expenditure meeting the general eligibility conditions set out in the eligibility guidelines, i.e., expenditure which is necessary, justified and reliable assessed for each individual development programme. 3. The grantee and the concierge shall carry out market analysis for all expenditure presented in the budget and document how this analysis was carried out. The analysis is carried out in accordance with the provisions of the Guidelines on eligibility. In connection with the analysis referred to in Subsection 3, the Accelerator verifies the expediency, rationality and effectiveness of the expenditure included in the budget. The Accelerator carries out this verification taking into consideration the rules set out in Article 44(3) of the P.F.R. If the Accelerator demonstrates that the expenditure proposed by the Grantee does not comply with these principles, they will refuse to approve it. In this case, the questioned expenditure may not be covered by the detailed budget of the Individual Development Programme.
View Source

Related to Budgetary principles

  • Basic Principles The Electrical Contractor and the Union have a common and sympathetic interest in the Electrical Industry. Therefore, a working system and harmonious relations are necessary to improve the relationship between the Employer, the Union and the Public. Progress in industry demands a mutuality of confidence between the Employer and the Union. All will benefit by continuous peace and by adjusting any differences by rational common-sense methods.

  • Cost Principles The Subrecipient shall administer its program in conformance with 2 CFR Part 200, et al; (and if Subrecipient is a governmental or quasi-governmental agency, the applicable sections of 24 CFR 85, “Uniform Administrative Requirements for Grants and Cooperative Agreements to State and Local Governments,”) as applicable. These principles shall be applied for all costs incurred whether charged on a direct or indirect basis.

  • General Principles Each Party shall implement its tasks in accordance with the Consortium Plan and shall bear sole responsibility for ensuring that its acts within the Project do not knowingly infringe third party property rights.

  • Operating Principles The operations of the Bank shall be conducted in accordance with the principles set out below. 1. The Bank shall be guided by sound banking principles in its operations. 2. The operations of the Bank shall provide principally for the financing of specific projects or specific investment programs, for equity investment, and for technical assistance in accordance with Article 15. 3. The Bank shall not finance any undertaking in the territory of a member if that member objects to such financing. 4. The Bank shall ensure that each of its operations complies with the Bank’s operational and financial policies, including without limitation, policies addressing environmental and social impacts. 5. In considering an application for financing, the Bank shall pay due regard to the ability of the recipient to obtain financing or facilities elsewhere on terms and conditions that the Bank considers reasonable for the recipient, taking into account all pertinent factors. 6. In providing or guaranteeing financing, the Bank shall pay due regard to the prospects that the recipient and guarantor, if any, will be in a position to meet their obligations under the financing contract. 7. In providing or guaranteeing financing, the financial terms, such as rate of interest and other charges and the schedule for repayment of principal shall be such as are, in the opinion of the Bank, appropriate for the financing concerned and the risk to the Bank. 8. The Bank shall place no restriction upon the procurement of goods and services from any country from the proceeds of any financing undertaken in the ordinary or special operations of the Bank. 9. The Bank shall take the necessary measures to ensure that the proceeds of any financing provided, guaranteed or participated in by the Bank are used only for the purposes for which the financing was granted and with due attention to considerations of economy and efficiency. 10. The Bank shall pay due regard to the desirability of avoiding a disproportionate amount of its resources being used for the benefit of any member. 11. The Bank shall seek to maintain reasonable diversification in its investments in equity capital. In its equity investments, the Bank shall not assume responsibility for managing any entity or enterprise in which it has an investment and shall not seek a controlling interest in the entity or enterprise concerned, except where necessary to safeguard the investment of the Bank.

  • Governing Principles 1. The implementation of this Memorandum of Understanding shall in all aspects be governed by the Regulation and subsequent amendments thereof. 2. The objectives of the EEA Financial Mechanism 2014-2021 shall be pursued in the framework of close co-operation between the Donor States and the Beneficiary State. The Parties agree to apply the highest degree of transparency, accountability and cost efficiency as well as the principles of good governance, partnership and multi-level governance, sustainable development, gender equality and equal opportunities in all implementation phases of the EEA Financial Mechanism 2014-2021. 3. The Beneficiary State shall take proactive steps in order to ensure adherence to these principles at all levels involved in the implementation of the EEA Financial Mechanism 2014-2021. 4. No later than 31/12/2020, the Parties to this Memorandum of Understanding shall review progress in the implementation of this Memorandum of Understanding and thereafter agree on reallocations within and between the programmes, where appropriate. The conclusion of this review shall be taken into account by the National Focal Point when submitting the proposal on the reallocation of the reserve referred to in Article 1.11 of the Regulation.