Articles

02 Nov 2020

Successful project is completed with a good report

At the clinic, Keuke's specialists answer entrepreneurs’ questions that may come up during their everyday operation. At the moment, many companies are pondering how to best produce the final reports for projects carried out with development funding. Business Developer Miia-Mari Koskinen explains what should be taken into consideration.


1. Various forms of financial support and assistance were offered for loss of income due to the coronavirus crisis. Which of these require reporting from the recipient of the support?

Regarding the forms of support made available in the spring of 2020, a final report is required for the funding for business development in disruptive circumstances granted by Business Finland and ELY Centres' funding for companies in the exceptional circumstances caused by the coronavirus. Both of these were made available for conducting a situation analysis or carrying out development measures and the reporting obligation applies to both sources of funding.

If the applicant requested advance payment in their application, 70% of the granted funding was paid in advance following a grant decision. The remaining amount, i.e. 30% of the funding, will be paid after the final report has been approved.

2. What information should be included in the report and when should the report be submitted?

The report must be submitted within the period specified in the grant decision, no later than 4 months from the conclusion of the project. You may submit your final report electronically as soon as you have completed your project, even if there is still time left in the original project period. The project must be concluded, and the costs paid before submitting the final report.

The online service will guide you with the reporting. In the report, you must describe the results achieved with the project, i.e. the impact of the project on your business operation, the manner in which the project was realized, i.e. what was done during the project, how the funding received from Business Finland was used, whether the project was realized in accordance with the project plan, and the cost of the project.

 3. What is important in producing the report? Does reporting require any special skills?

 Producing a report on your project does not require any special skills. The important thing is to carry out the project and produce the report in accordance with the grant decision and in compliance with the terms of funding. The cost-category-specific sums in the cost estimate included as an annex to the grant decision determine the permissible maximum amount of each individual cost category.

 You should also note that the accounting for the project must be arranged according to the law and in such a manner that any costs resulting from the project can be identified and their connection to the accounts and the statement of costs can be verified. The recipient of the funding must be able to demonstrate with their reporting who performed work for the project and what was the total monetary wage subject to withholding of tax paid to them for the duration of the project. All costs in accordance with the project plan are reported to the provider of the funding and accounted for. Costs are accepted exclusive of VAT. Any services purchased from outside of the company can be accepted in accordance with the project plan and invoicing. Expert services resulting the project may be accepted as costs resulting from outsourced services. After the final report and statement have been approved, no new costs may be presented for the project.

 4. The terms of funding state that the funding may be recovered from the recipient if the terms have not been complied with. What would the recovery of funds typically include? 

Luckily, we are unaware of any cases where it has been necessary to recover funds.  The terms of funding may list cases where recovery could occur.

The funding can be recovered from the recipient if the final statement shows that the provided funding, including the advance payment, exceeded the amount justified by the acceptable costs. In this case, the recipient would be obligated to refund the overpaid amount. Another reason for recovery could be that the recipient does not provide their report or additional information requested from them by the date specified on the grant decision or another date specified by the provider of the funding.

Recovery could also occur if the funding was used for some other purpose than the one it was granted for, if the company has neglected their tax declarations or has overdue tax liabilities for which payment arrangements with the Tax Administration do not exist or have not been applied for, and that the company is not registered in the preliminary tax withholding register.

5. Companies can also apply for and receive various investment subsidies. Are the processes for these subsidies similar than the ones regarding funding granted for disruptive circumstances? 

Business Finland grants subsidies pertaining to internationalization. International projects and their reporting follow a similar pattern than the funding related to the coronavirus crisis.

Under normal circumstances, funding is also provided to companies located in rural areas by ELY Centre and Leader groups. The funding options include start-up and investment subsidies. The payment of a business subsidy is primarily requested after the project has been completed, in accordance with the actual costs. The payment claims are submitted electronically. A follow-up report for the business subsidy is prepared after the project is completed, no later than with the submission of the request for the final subsidy payment. Business subsidies may be paid in several installments.


Do remember that Keuke can help you with any funding-related matter, including the reporting. Please contact us if you have any questions regarding funding or reporting.

 
 
 

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