Grant Reporting Documents will bring changes from October call

The changes relate to the Reporting Documents, specifically the Grants Audit Report, which will apply to approved grants from the third call in October. It means for approved grants announced in December 2024.

 

The first change is the amount of grant funding – the financial amount from which the grant is audited is increased to €15,000 (previously €10,000). Grant recipients whose projects do not exceed €15,000 will provide the Fund with copies of all invoices related to the project costs as per the financial statement. Projects with a budget exceeding €15,000 must be verified by an auditor. All projects supported by the Fund up to October this year with a budget of more than €10 000 must be audited.

 

The second change is the audit methodology under the International Standard on Related Services ISRS 4400 revised. Grantees select licensed auditors according to the country in which the grantee organization is registered. Audit costs may be covered by the grant and should be requested at the application stage. The new methodological procedures are defined separately for each type of declared costs in accordance with the grant agreement. The revised procedures aim to make the audit more efficient and provide the auditor with specific procedures to be carried out during the audit in accordance with the requirements of the grant agreement. Under the new rules, the auditor will prepare an independent report on the findings relating to the financial statements and issue a Certificate of Financial Statements (CFS) according to a defined template. The auditor and the grantee must have a signed contractual arrangement (Terms of Reference – ToR). The grantee must submit the CFS to the Fund for approval within 30 working days of project completion. (The audit report is converted into a CFS and sent at the same time as the Final Report, which includes the ToR.) The Fund currently applies an audit methodology in accordance with ISA 800 revised and audits financial statements in accordance with ISA 805 (revised).

Updated Grant Guidelines and related documents are available on our website. You may also find the FAQ section helpful, where you can find answers to basic questions related to Grant Reporting Document changes.