FAQ

A: You should use an exchange rate published by the national bank of your (the grantee’s) country. You can choose one of two options:

• the exchange rate applicable on the date of receiving the grant tranches to the grantee’s bank account stated in the grant contract (If the grant is paid to an EUR account and is not converted to the local currency, the grantee can still use the exchange rate from the date of receiving the grant tranches).
• the monthly average exchange rate of the respective national bank in the last full month of the project implementation period.

If the grant is divided into three tranches, different exchange rates can be used for the Interim Financial Settlement (reporting costs incurred in the first phase of the project) and the (Final) Financial Settlement (reporting costs incurred in the second phase of the project).

A: No. The financial settlement should always be filled out in the currency of your organization's (the grantee’s) bank account(s). If you use several accounts for payments (e.g., one in EUR, one in your local currency), fill out one Financial Settlement sheet in each bank account currency, corresponding to the costs paid from the account in question. These should be created as separate sheets in one Excel file.

If you paid any foreign invoices, you should fill in the Financial Settlement with the amount deducted from your bank account in your own bank account currency. The exact amount can be found in your bank statement or bank transfer confirmation.

A: The Financial Settlement (FS) shall only list bank transfers made from your (the grantee’s) account. If your partners paid certain costs during the project implementation, you should fill out the FS with information about the reimbursement you made to your partners for these costs. Payments made to partners should be divided according to cost categories, even if you reimbursed all costs to them in one payment.

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.

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.

A: When choosing the proper rate, you have two options. You may either use the exchange rate of the national bank (where the grantee resides) on the date of conversion of the previous installment into the local currency or the monthly average exchange rate of the national bank in the last full month of the project implementation period.

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.

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.