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European Commission (EC) funding is governed by strict financial regulations. This page offers an overview of the key financial processes and requirements for managing EC-funded projects at UCL.
Budgeting
Budget rate
Our European Research and Innovation Office (ERIO) agrees the project budget with the coordinator and sets up the internal budget breakdown on the Project Budget Approval Form (PBA). Refer to our Foreign currency projects page for the current exchange rate.
Once the contract is signed and the project start date is confirmed, the budget is entered into MyFinance.
At the end of each reporting period, the budget rate will be reviewed. If exchange rate gains have been made on submitted statements, the rate may be adjusted upwards.
Budget transfers
Budgets are allocated across specific cost categories. While deviations can risk non-reimbursement of costs, there is some flexibility with EC-funded projects, except for Marie Skłodowska-Curie Actions fellowships.
If funds need to be transferred between cost categories, contact the Research Finance Administrator assigned to your department for guidance.
Eligibility of costs and VAT
Each EC funding scheme and project type has its own rules regarding eligible costs. Always refer to the official guidelines or speak with your Research Finance Administrator.
Costs need to meet UCL's standard accounting procedures, including procurement and expenses:
Subcontracting and services
The subcontracting of core project tasks should be included in the Grant Agreement contract.
If a subcontract is required after the project has started, an amendment to the Grant Agreement will need to be requested and approved by the EC. Contact your designated European Contract Manager in our ERIO team for support.
Unapproved subcontracts will not be reimbursed by the EC.
Timesheets
Timesheets are mandatory on all EC projects. Visit our Staff timesheet requirements page for further information.
Reporting
Funded projects require periodic reports to be submitted - either directly to the EC or via the project coordinator. Reports are typically due within 60 days of the reporting period's end, though deadlines may vary. Our Award Services Post-Award team maintains a project reporting log and manages financial report submissions.
Financial reports include the following documentation:
- Form C: Financial statement of expenses
- Explanation of resources: Breakdown of reported costs
- Audit certificate: Certificate on the Financial Statement.
Award Services will complete these forms and work with you throughout the project to ensure that all required data is collected. Salary costs cannot be claimed without authorised timesheets.
Payments
Payments include:
- Prefinancing
- Interim payments
- Final payment
- Guarantee fund reimbursement.
All payments are made in Euros (€) to UCL's designated EUR bank account. Only Award services should provide these bank details. If you are contacted by an external party, refer them to Award Services for verification.