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Financial Reports

Important.pngAll information on this page is part of the GIF Guidelines, which are binding for all applicants and grantees. For your convenience, you can download a full version of the GIF Guidelines in PDF format here.

1. Annual and Final Financial Reports

The PIs (or their institutions) are responsible for preparing the annual and the final financial reports. The continuation of Grant payments is subject to the proper preparation and submission of the required financial reports.
Please send all reports, signed by the PI and his/her institution, by email only Finance.png. Please remember to attach receipts for equipment purchases and receipts, itinerary, and scanned boarding pass for travel expenses.
Don't forget.jpgBefore sending the financial report by email, please contact your IT specialist to check if the size of the file is supported by your mail server. We can receive emails of up to 10MB. Please keep the originals in your file in case the GIF control committee requests it. If the file is too heavy, please split it into separate mails and inform us about the number of emails sent.

GIF Reporting Periods (for Financial AND Scientific​ Reports​)

The reporting periods for GIF annual reports are calculated in 3 periods of 12 months from the starting date of the Grant.

If the starting date of the Grant was ​postponed, the 12 months’ reporting periods are delayed accordingly:

Starting Date​​​​

Reporting Period

Reporting Due Date

January 1​

January 1 – December 31

March 31

April 1

April 1 – March 31

June 30

July 1

July 1 – June 30

September 30

October 1

October 1 – September 30

December 31


All reports should be submitted no later than 2 months after the end of the reporting period. Delay in reporting will cause delay in the next payments.

For list of payment dates please see Payments.

Note on No-Cost Extension:

If a No-Cost Extension of the Grant was approved, all reports for the 3rd reporting period need to be submitted only after the end of the extension period. (The 3rd report for Grants with No-Cost Extension can thus include a period of up to 24 months.)

Interim reports at the original end date before extension of the Grant are not required.
 

The annual report contains two parts:
  •  Part 1 of the form (p. 1 of the report), which shows the approved budget items for the report year, will be sent to you by GIF offices. If you did not receive it, please contact us at Admin.pngand we will send it to you. 
  •  Part 2 (p. 2-3 of the report), which is identical for all Grants, can be downloaded here.
    On page 2, grantees are required to fill in details for expenditures incurred under the following budget items: Salaries, Heavy Equipment, Travel, Subcontracting.
    On page 3, grantees are required to provide justification for travels charged to the GIF Grant.

Please note that financial reports MUST be submitted on the GIF forms. No other forms will be accepted.

Each PI must fill in his own financial report, which must bear his/her signature and stamp and signature of the institutional administration. Without the two signatures and stamp, the financial report will not be valid.
Please also note that the expenditures are to be reported according to the GIF budget codes.
Please observe the special regulations for Salaries, Heavy Equipment, Foreign Travel, Subcontracting, and Symposia stipulated in the list of budget items.
The GIF Grant budget shall be used solely for the purpose of the research project and in accordance with the provisions of the GIF Grant agreement. Any funds used for tasks not included in the appropriate plan are to be reimbursed to GIF.
The budget items relevant and chargeable to your GIF Grant are specified in the approved Grant budget. Any change from the approved items needs to be requested in advance by email to: Finance.png. All relevant information should be included in the description of the required budget change. For further information on changes in the approved Grant budget, please see paragraph 2 (below).

Each PI's budget is for use of the PI and his research team ONLY.

Please also note that no expenditures for researchers, who are Principle Investigator in another active GIF Grant, may be charged to your Grant budget, even if they participate in the scientific work.

Please send the report, signed by the PI and his/her institution, scanned to Finance.png. Please remember to attach receipts for equipment purchases and receipts, itinerary, and scanned boarding pass for travel expenses.
Don't forget.jpgBefore sending the financial report by email, please contact your IT specialist to check if the size of the file is supported by your mail server. We can receive emails of up to 10MB. Please keep the originals in your file in case the GIF control committee requests it. If the file is too heavy, please split it into separate mails and inform us about the number of emails sent.
After receipt of the final financial report from the Grantees, GIF will check whether all the obligations were met, including checking the final balance, and will inform the Grantees accordingly.
Unexpended balances remaining after completion of the research project must be returned to GIF no later than 60 days after the date of the final balance letter by the financial department of the GIF requesting the return of surplus funds.
Important.pngAn annual financial report must be submitted at the end of every research year, even if the project was not active during the whole twelve-month period for some 
reason.

2. Budget Changes

  • Within most of the approved budget items, Grantees have 50% flexibility per year (please note the important exceptions below).
    This means that it is possible, without prior approval by GIF, to
    a)  Exceed the expenditures for a budget item by max. 50% of the budget approved for the current year.
    b)  To shift max. 50% of the budget approved for any budget item for the current year in favor of another budget item.
    The overall budget for the year may not be exceeded.
  • Exceptions to the option to shift between budget items by 50%:
    a) Non-Expendable Equipment: The budget is restricted to the purchase of non-expendable equipment as specified in the original application and approved by the foundation, and cannot be shifted to other budget items. Unused funds in this budget item will be returned to GIF.
    b) Salaries 
    (effective from 01/01/2017): Maximum 20 % of the budget that was allocated by the PI for salary can be shifted to other budget codes (pending a formal PI request and subject to GIF approval). The rest of the budget, if not used for salary, will be returned to GIF.​
    It is, however, permitted to shift up to 50% from other budget items TO Salaries.​
  • Grantees who  
    - require more flexibility in their approved budget items
    - would like to transfer budget to a new budget item which was not included in the originally approved budget
    - would like to transfer budget between the PIs in the Grant
    should request GIF approval in advance by filling in and sending the "Form for Budget Transfers" (available for download here​) to Finance.png.
  • Please note: Shifts between the sub-categories for Salaries (Junior Academic Staff, Senior Academic Staff etc.) do NOT require a formal request for budget shift, as long as the overall budget for Salaries is not exceeded.  ​
  • During the Grant period the balances remaining at the end of each Grant year are automatically transferred to the following year and allocated to the same budget items.
    The only exception to the year-to-year transfers is Non-Expendable Equipment.
    Budget under the item 'Non-Expendable Equipment' can be spent ONLY within the first 3 months (1-year project) / 6 months (2-year project) / 18 months (3-year project)​ (see also Budget Codes).
  • Grantees who wish to spend funds within a budget item in an earlier year than originally planned should approach GIF for approval in advance by email to finance.png

    .

3. Delays in Reporting

Each PI should submit his own annual financial report no later than 2 months after the end of the reporting period. Delay in reporting will cause delay in the next payments. For list of payment dates please see Payments.
Important Note.pngPlease note: If one partner to the contract fails to submit his annual report at the end of a Grant year, the Foundation will suspend payment of his share, while the others
will continue to receive their part. However, they will be warned that by the end of the following year reports must be submitted by all of them, otherwise funding of the project will be stopped.
 
 
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