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