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Under FP7, how much budget does a coordinator receive for the pre-financing finally, considering the amount reserved for the guarantee funds and the amount that will be kept until the last payment?
One single pre-financing payment
Received by the coordinator within 45 days of entry into force of GA, to ensure positive cash-flow during project. The pre-financing equals 160% of average EU funding per period for projects with more than 2 reporting periods, or it equals 60-80% of total EU contribution for projects with 1 or 2 reporting periods. The pre-financing remains the property of the EC until the final payment. Form the amount of pre-financing which depends on the project length, 5% of the total EU funding is transferred to the Guarantee Fund. During project implementation the amount reported in the Form C are paid by the EC (ownership of this money is transferred) – but only up to a limit of 90% of the total EU funding. (10% retention is kept until the final payment – with the final payment the Commission pays 10% as well as 5% are coming from the Guarantee Fund.