Common use of Financial Report Clause in Contracts

Financial Report. 7.1.1 A certified interim financial report shall be submitted to IOM no later than [Date (A)]. The interim financial report shall present how the Contribution from IOM has been used from the start date of the project to [Date]. 7.1.1. Certified interim financial reports shall be submitted to IOM in accordance below schedule. The interim financial reports shall present how the Contribution from IOM has been used from the start date of the Project up to the reporting date. 1st Interim Report e.g. 30 June 202X 2nd Interim Report e.g. 31 December 202X 3rd Interim Report e.g. 30 June 202Y 7.1.2 A certified final financial report shall be submitted to IOM no later than [Date (B)] and shall cover the whole Project duration. 7.1.3 All expenses included in the interim or final financial reports by the Implementing Partner must meet the following minimum criteria: They are incurred in accordance with the provisions of this Agreement; and They are necessary for carrying out the activities as described in the Project Document; and They are foreseen in the Project Budget; and They are incurred during the implementation period of this Agreement; and They are genuine, reasonable, justified, comply with the principles of sound financial management; and They are identifiable, verifiable and recorded in the Implementing Partner’s accounts in accordance with the accounting practices of the Implementing Partner and backed by supporting documents. 7.1.4 As part of the financial report verification and approval process, IOM retains the right to receive certified copies of all documents supporting the expenses reported by the Implementing Partner.

Financial Report. 7.1.1 A certified interim financial report shall be submitted to IOM no later than [Date (A)]. The interim financial report shall present how the Contribution from IOM has been used from the start date of the project to [Date]. 7.1.1. Certified interim financial reports shall be submitted to IOM in accordance below schedule. The interim financial reports shall present how the Contribution from IOM has been used from the start date of the Project up to the reporting date. 1st Interim Report e.g. 30 June 202X 2nd Interim Report e.g. 31 December 202X 3rd Interim Report e.g. 30 June 202Y 7.1.2 A certified final financial report shall be submitted to IOM no later than [Date (B)] and shall cover the whole Project duration. 7.1.3 All expenses included in the interim or final financial reports by the Implementing Partner must meet the following minimum criteria: : (a) They are incurred in accordance with the provisions of this Agreement; and and (b) They are necessary for carrying out the activities as described in the Project Document; and and (c) They are foreseen in the Project Budget; and and (d) They are incurred during the implementation period of this Agreement; and and (e) They are genuine, reasonable, justified, comply with the principles of sound financial management; and and (f) They are identifiable, verifiable and recorded in the Implementing Partner’s accounts in accordance with the accounting practices of the Implementing Partner and backed by supporting documents. 7.1.4 As part of the financial report verification and approval process, IOM retains the right to receive certified copies of all documents supporting the expenses reported by the Implementing Partner.