INTERIM REPORT

Q: Do I have to submit an Interim Report?
A: In case the contract specifies three or more payments of the awarded grant, the grantee will have 20 working days after the marked period (see Article 6.2) to prepare the Interim Documentation, which consists of the following elements:

  • Interim Report – a textual summary of the progress and results of the project implemented within the marked period (you can find the template on our website).
  • Interim Financial Statement – a spreadsheet containing all the expenditures covered by the grant in the marked period (template on the website).

 

Q: How do we send the Interim documentation?
A: The Interim Report and the Interim Financial Statement need to be uploaded to the online system, under the tab “Interim Report”, and sent to the Fund via post as well by the given deadline.

Q: Are there any templates for the Interim report?
A: Templates are found at https://www.visegradfund.org/archive/documents/visegrad-visegrad-strategic-grants/

Q: Which exchange rate should be used in the Interim Financial Statement?
A: When choosing the proper rate, you have two options. You may either use the  exchange  rate  of  the respective  national  bank  on  the  date  of  converting  the  first tranche into the local currency or the monthly average exchange rate of the  respective national bank in the month in which the first (interim) period of the project ends.

Q: Our organization has two or more bank accounts in different currencies, how should we proceed?
A: If your expenses have been incurred in more than one currency, you must create a separate Financial Settlement sheet for each currency. Please do not forget, however, that the total sum should always be indicated in EUR (€) in each sheet.

Q: How should I fill out the Interim Financial Settlement?
A: Instructions can be found on a separate sheet in the Interim Financial Statement XLS file. When describing the individual costs in Column 5 “Cost description”, be as specific as possible. The Fund cannot accept insufficient descriptions such as “expert fee”, “hotel” or “bus ticket” without the proper indication as to whom the cost was paid, for what reason, and for what output/activity.

Q: Do you require any invoices/contracts attached to the Interim report?
A: No, we do not require additional documents by default, however, the assigned project manager may ask for them on an individual basis if some cost items or descriptions are unclear.

Q: What should the Interim Report look like?
A: The Interim report is a textual summary of the preliminary progress and results of the project implemented within the marked period. When filling out the Interim Report, try to be as specific as possible. The Interim Report is not only a checklist of events and output that were implemented, but also serves as a means to evaluate your own work, different aspects of the implementation and the role of the partners in the cooperation. Describe whether the implementation is on track as you planned, highlight any changes that were made compared to the original plan and any obstacles that hindered your work.

Q: When we can expect the second tranche?
A: The Fund has 10 working days to review the Interim Report counting from the date of their postal delivery. If the report is incomplete or if further documents are needed, the deadline applies from the day of delivery of these additional documents. Once the Interim Report is approved the Fund has 15 working days to transfer the 2nd tranche of the grant. Therefore, the sooner you provide us with the Interim Report and Interim Financial Statement, the sooner you will know whether the Fund approves the continuation of your project and receive the next tranche from our side.

Please keep in mind that you are only eligible for the second tranche if you have already spent approximately 50% of the first installment by the given deadline. Otherwise the Interim Financial Statement cannot be approved and you will need to prepare another report complying with this criterion.

 

FINAL REPORT

Q: What kind of documents do I have to prepare?
A: Once the entire project implementation period has come to an end, there will be 20 working days available to prepare the following Final Documentation:

  • Final Report – a narrative overview of all activities undertaken and results achieved, accompanied by photos, attendance lists and other documentation. The Final Report must be prepared in our on-line system under the tab “Final Report”. After filling out and saving all sections, you must submit the report by the given deadline and print out a paper version from the system.
  • (Final) Financial Statement – a spreadsheet containing all the expenditures covered by the grant, and the summary table (template on the website).
  • Audit Report – for projects with a budget over €10,000 (template on the website)
  • Transportation Costs Reimbursement Sheet (only applicable for projects without an Audit report) – see instructions in Annex 2 (p. 29) of this document

 

Q: Where can I find the template for the Final Report?
A: In 2020 the Fund introduced a web-based final reporting interface, which can be accessed in our online system (my.visegradfund.org). Grantees need to fill out all sections under the tab “Final Report” and click on SUBMIT on the last page. Once the electronic report has been submitted, you must print out the Final Report by clicking on the PRINT button. This printout shall be signed and stamped by your statutory representative and sent to the Fund via post.

After online submission, the report cannot be modified any longer. Should any problems arise, please contact your assigned project manager.

Q: How should the Financial Statement be filled out?
A: Instructions can be found on a separate sheet in the Financial Statement XLS file. When describing the individual costs in Column 5 “Cost description”, be as specific as possible. The Fund cannot accept insufficient descriptions such as “expert fee”, “hotel” or “bus ticket” without the proper indication as to whom the cost was paid, for what reason, and for what output/activity.

Q: Which exchange rate should be used in the Financial Statement?
A: When choosing the proper rate, you have two options. You may either use: the  exchange rate of the respective national bank on the date of conversion of the  previous tranche into the local currency or the monthly average exchange rate of the  respective national bank in the month in which the implementation period ends.

Q: Our organization has two or more bank accounts in different currencies, how should we proceed?
A: If your expenses have been paid for in more than one currency, you must create a separate Financial Settlement sheet for each currency. Please do not forget, however, that the total sum should always be indicated in EUR (€) in each sheet.

Q: Which documents must be sent by post?
A: The following documents must be delivered to the Fund’s address 20 working days after the end of the implementation period.

FOR PROJECTS UNDER €10,000:

  • Final Report – printed out from our online system, last page signed and stamped by the statutory representative of the grantee.
  • Financial Statement – all pages and additional sheets filled out, signed and stamped by the statutory representative of the grantee.
  • Copies or samples of promotional materials that cannot be uploaded to our system.
  • Signed Transportation Costs Reimbursement Sheets (if applicable) – see instructions in Annex 2 of this document.
  • Copies of all invoices connected to the costs described in the Financial Statement and their corresponding bank transcripts.

 

FOR PROJECTS OVER €10,000:

  • Final Report – printed out from our online system, last page signed and stamped by the statutory representative of the grantee.
  • Financial Statement – all pages and additional sheets filled out, signed and stamped by the statutory representative of the grantee and by the auditor.
  • Copies or samples of promotional materials that cannot be uploaded to our system.

 

Audit Report with all necessary annexes – signed and stamped by the certified auditor, indicating his/her credentials as member of the relevant national chamber of auditors.

 

PROJECT CLOSURE

Q: When is my project officially finished? When do I receive the final installment?
A: The Fund has 20 working days to review the final documentation of the project, counting from the day of delivery of all required documents via post. If all reports and attachments comply with our rules, the Fund authorizes the transfer of the last installment or requests that the unused grant amount be returned to the Fund’s bank account. After all obligations have been cleared, the assigned project manager confirms the conclusion of the project.