Follow-up and payment
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1Support agreement
In case of a positive decision, a support agreement is concluded between the ‘Fonds voor Innoveren en Ondernemen’ and the beneficiaries.
For spin-off mandates and to support projects in Phase 1, the university/ knowledge centre is the beneficiary.
In Phase 2, the company (companies) is (are) the beneficiary (beneficiaries).
The support agreement must also be signed by the mandate holder and is a best efforts obligation (It binds the partners to make every effort to achieve the described innovation goal.).Where relevant, VLAIO will incorporate specific conditions into the agreement, such as the authorisation of ethics committees, ownership of required permits, etc.
The support agreement can only be concluded after reception of the cooperation agreement.
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2Follow-up
The innovation goal constitutes the basis for the funding agreement. It is possible to modify the work programme within the scope of the innovation goal without amending the agreement.
The mandate holder must submit a progress report every six months. At the end of Phase 1 and upon completing the mandate, a report is required on:
- Scientific progress;
- Achieving the innovation objectives including strategic application;
- The valorisation report;
- The financial report.
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3When will the subsidy be granted?
The provided funding is project-based and paid in instalments every year, in the form of advance payments. The first advance is paid after receipt of the signed funding agreement and the signed cooperation agreement.
In Phase 2, the company is responsible for the timely payment of the research partner(s) in advances of at least six months. The company covers the total invoice of the research partner(s) that is part of the eligible costs on which the funding was calculated and the subsidy granted.
Payment is conditional on proper compliance with the agreements.
At the end of the project implementation, a final audit of actual costs will carried out. Depending on the approved costs and the funding rate applied, the total subsidy is calculated and a final instalment is paid out taking into account the advances already paid.
Payment of the final instalment
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1Prepare the final financial report
The lead applicant and any partners each separately draw up the financial report using the Excel cost template.
In the final settlement, VLAIO only accepts costs that:- fall within the project period
- are attributable to the project
- are demonstrable with supporting documents
The project accounting is fully closed upon submission of the final financial report. This implies that each project partner can submit the project costs incurred during the project period no later than 3 months after the end of the project.
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2Upload the required supporting documents
The actual costs included in the final financial report must be substantiated with documentary evidence. This can include staff costs, operating costs, costs for external services and investment costs.
The documents to be provided depend on the type of cost:
STAFF COSTS
If you use code w (*), you must upload the following:- individual accounts
- pay slips
(*) code w is used for project members with employee status who are on the payroll.
OPERATING COSTS
If you exceptionally breach the operating cost ceiling (*) at project approval and in the final financial report, then:- you must complete the 'operating costs breakdown' tab in the final financial report (Excel cost template)
- you must upload the associated invoices with corresponding receipts bundled by supplier/provider and any other supporting documents with the digital submission.
(*) the ceiling on operating costs is the maximum amount of operating costs that you can charge. The amount is calculated based on the number of man-months for your project and a fixed amount per man-month and is not a flat rate.
COSTS FOR EXTERNAL SERVICES
If you have incurred costs for external services, then:- you must complete the 'external services breakdown' tab in the final financial report (Excel cost template)
- you must upload the associated invoices with corresponding receipts bundled by supplier/provider with the digital submission;
INVESTMENT COSTS
If you have incurred investment costs, you must upload the following:- depreciation tables
- a summary of the class 2 balance sheet accounts;
Questions about this flow, please email: verificatie@vlaio.be