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Project Monitoring
Basic Principles

Project management shall be conducted in accordance with the Project Contract provisions. The RIF shall be entitled to act in a manner that shall ensure the smooth implementation of the projects it funds, by means of effective audits and, if any irregularities are found, it shall enforce sanctions.

The Host Organisation (HO) shall be responsible for the proper implementation of the project’s total Budget. Furthermore, the HO shall provide guidance to other Consortium members, as to the project management regulations and procedures.

Each Consortium member shall be responsible for the proper management of the funding aid it shall receive and the implementation of the costs pertaining to it in the context of the project implementation. If the HO finds that a Consortium member fails to meet its obligations relating to project implementation and budget management, then it must take the appropriate measures and update the RIF immediately.

For RIF’s webinar on general framework of management rules click here.

Project Monitoring

The Project Monitoring procedure pertains to the implementation of measures to facilitate the research activity and at the same time, to ensure the qualitative implementation of the Projects through effective tools and procedures.

The progress and results of the projects are monitored and evaluated by the RIF through the submission of progress reports, the application of a scientific evaluation procedure for the progress of projects and the conduct of on-the spot visits at the areas where the research is carried out.

Selection of the tools and procedures applied with the aim of the optimal monitoring of the projects is performed according to the Maximum Funding Amount (the maximum funding a project can receive) as defined in the Programme description and/or the corresponding Work Programme. Projects are categorised in three levels as follows:

  • Large Project: Maximum funding amount exceeding Euro 500,000
  • Medium-sized Project: Maximum funding amount between Euro 120,000-500,000
  • Small Project: Maximum funding amount lower than Euro 120,000

The Host Organisation is responsible for the submission of progress reports to the RIF via the Project Coordinator. The progress reports are filled in on standard forms provided by the RIF in electronic form and are submitted to the RIF within a predetermined time frame. The progress reports pertain to the implementation of the work as defined in the Contract.

The types of reports, depending on their content are the following:

  • Interim Progress Report: Includes a brief description of the work implemented during the first half of the project and the completed Deliverables of the project.
  • Final Progress Report: It includes the description of the work carried out during the entire project implementation period as well as other information required in the provided forms. The project Deliverables are also attached.
  • Payment Request: It includes expenditures pertaining to the time period of project implementation for which the report is being submitted and for which the disbursement of part of the funding is required, or specific expenditures (irrespective of the project implementation time period) for which the disbursement of an instalment is required (e.g. equipment).

The RIF conducts at least one monitoring visit for each funded project in order to be informed in person by the PC and the project team on the implementation and progress of the project activities, to check the equipment purchased (where applicable), to ascertain the implementation of the different tasks and the active involvement of the project team members and the organisations, and in general to ascertain the qualitative and problem-free project implementation. Furthermore, the monitoring visit enables the project team to get clarifications and advice from the RIF in matters of project management.

The monitoring visit is conducted by the RIF Project Officer and/or other RIF executives or by specialized experts selected by the RIF for this purpose. As a rule, the visit is carried out as follows:

  • Medium-sized and Large Projects: Upon completion of half the project implementation duration and, as a rule, after the submission of the Interim Progress Report.
  • Small Projects: Upon completion of the project implementation duration and after the submission of the Final Progress Report.

Project Evaluation by Independent Experts aims to showcase the valuable results that derive from the funded projects, as well as finding and dealing with cases where public funding does not end up to the results sought. Furthermore, the Evaluation Procedure contributes to the assessment of the RIF Programmes and to the improvement of the Foundation’s processes.

The Project Evaluation by Independent Experts is a systematic way of evaluation by specialized experts of the research projects funded by the Research and Innovation Foundation and may cover scientific, technological and other aspects related to the proper implementation of funded projects and the compliance of the activities carried out with the targets of the Call for Proposals and the Contract terms.

Project Financial Management

Cost Categories

The cost categories for research and development are classified into direct and indirect costs.

Direct costs include Personnel Cost, Instruments and Equipment Costs, Costs for External Services, Costs for Foreign Research Organisations, Costs for Travelling Abroad, Consumables and Other Specific Costs, whereas, Indirect Costs consist of Overheads.

With the present Circular, the Research and Innovation Foundation (RIF), wishes to inform Project Coordinators (PCs) and Legal Representatives about the management of funded Projects which include more than one Activities Eligible for Aid. As such, the Circular refers only to the Entrepreneurial Innovation Programmes (PRE-SEED, SEED, INNOVATE).

As far as budget revisions of funded Projects are concerned, the RIF wishes to clarify the following:

  • The PC is entitled to proceed to budget revisions without prior approval from the RIF, as described in Chapter 3.1 – Section III of the RESTART 2016-2020 Work Programme Document, only in the case when the revisions fall within the same Activity Eligible for Aid.
  • For budget Transfers between different Activities Eligible for Aid (in the Entrepreneurial Innovation Programmes), the PC should submit a relevant request and obtain approval from the RIF.

For budget transfers between different Activities Eligible for Aid, the RIF wishes to clarify the following:

  • The Final Aid Intensity of each organisation, which is defined as the rate of the Requested Funding in relation to each organisation’s Budget, should not exceed the Final Aid Intensity defined in the Project Contract, and the Final Funding by the RIF (for the Project) may not exceed the Requested Funding defined in the Contract.
  • Individual Aid Intensities for each Category of Activities Eligible for Aid, should not exceed the respective Maximum Aid Intensity for each category, as defined in the RESTART 2016-2020 Work Programme Document.

Research and Innovation Foundation, May 2021

Detailed Ledger

All members of the Consortium are obligated to post transactions in the project account in the organisation’s accounting system, which must be adequately codified for the purpose of identifying and grouping expenditures pertaining to the specific project.

All expenditure made in the context of the project must be supported with invoices, payment receipts or other documents issued for the Consortium member they refer to.

In any case, the direct matching of the conduct of transaction stages must be ensured from beginning to end, and the expenditures pertaining to the project must be entered in such a way as to permit reconciliation between the detailed ledgers, the supporting documents and the funding management.

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