An efficient, timely implementation and full execution of the operational and administrative credits contributes to a proper financial management of the DG. Streamlining the financial rules and accelerating budget implementation will help economic recovery in the current financial crisis. Simplification of financial rules and procedures will lead to a more positive image of the institution and reduce overheads for the beneficiaries. The most efficient and effective manner should be found without compromising the quality of the projects or the indispensable checks that ensure sound financial management.
To ensure the coordination and implementation of all financial and contractual matters concerning FP7 Research projects for ICT, Capacities, CIP and H2020 grants as well as administrative expenditure for events and studies with as result full budget consumption and achievement of targets for time to contract/payment. To give assurance that directorate operates in compliance in the directorate with the financial regulation, internal control standards and accounting rules.
Speeding up the processes by complying with the targets set for payment times and time to contract in the new Financial Regulation that came into force on 01/01/2013 shortening the time to pay to 90/30 days and introducing new limit on time to contract.
Amendments of existing contracts take a long time which might have a negative impact on the acceleration of payment times. Delays can both occur on EC and consortium side.
Conclusion of audits and the implementation of the results is a very lengthy process, on the one hand doing right to the beneficiary with a contradictory procedure, on the other hand creating uncertainty on the final outcome for both beneficiary and the consortium and suspension of payments in some cases.