Day 1: 2hUnderstand the entire cycle of your FP7 projecto    Understand clearly the main financial principles of FP7 contracts: co-financing, non-profit, etc. •    Understand the financial provisions of your FP7 contractThe cost reimbursement system :o    Financial and technical responsibility o    Guarantee fund o    Actual costs and lump sum/flat rateo    Beneficiaries, third parties, special provisionso    Total budget, eligible/non eligible costs, maximal EC contribution, etc.o    Funding rates per funding schemes, per type of entities and per activityDay 2: 2hUnderstand the financial provisions of your FP7 contractThe cost categories :o    Direct costs : personnal, equipment, travel, consumables, subcontracting, tenders, etc.      Focus on the staff costs: person-months, productive hours, hourly rate, time sheets, etc.o    Indirect costs (Overheads) : how to understand the different methods (actual costs, simplified method, certified methodology, 20% flat rate, 60% flat rate)o    Receipts, InterestsDay 3: 2hReportingo    Reporting periodo    Form Co    Certificate on Financial Statemento    Financial aspects of the “Activity Report”o    The EC online reporting system: Force, etc.Day 4: 2hPractical case : How to prepare your budget?o    Activity based costingo    Example of payment schedule: Pre-financing, intermediate payments, final payment, financial audit, etc.o    Tips and best practicesDay 5: 2hPractical case: How to manage your budget as a coordinator and as a partner?o    Budgeted costs versus actual costso    Annual budget updateo    Financial scoreboardo    Distribution of the EC contributiono    Internal organization to comply with the EC ruleso    Financial audits o    Tips and best practices