Settlement of interest (or its equivalent) accrued on pre-financing provided by the JMA to the beneficiary of the project.

2015-07-06

Due to questions concerning application of provisions of art. 15.9 General Conditions below please find interpretation of the Joint Managing Authority (JMA) concerning the settlement of interest (or its equivalent) accrued on pre-financing provided by the JMA to the beneficiary of the project.

  • Interest accrued on pre-financing (advanced payments) paid by the JMA for the LP shall be indicated in the interim financial reports and the final report. Settlement of accrued interest is done in the final report from the implementation of the project.
  • Interest on pre-financing of less than or equal to 250 000 euro is not due JMA and may be used for implementation of the project.
  • Interest on pre-financing of more than 250 000 is due JMA and will be deducted from the grant at the stage of final payment.
  • Pre-financing should be understood as the total sum of all instalments of the advanced payments paid by the JMA on account of the Lead Partner (the beneficiary). 
  • Interest on pre-financing is not due JMA when the beneficiary is a public institution of an EU Member State. Public institutions of the EU Member State should be understood as institutions of central, regional and local levels, including institutions and structures operating under their supervision, in their name and on their responsibility.