Project reporting at the end of the year

Project reporting at the end of the year

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Towards the end of 2016 Good Will Foundation would like to kindly remind the project executors that project executors must make a settlement of the project in installments for the implemented stages of the project, which end at the last day of each quarter in accordance with Article 2.2.4 of Agreement, by presenting the financial report (document list of actual costs for project’s implementation) and the performance report till 15th of the first month of the next quarter.

Financial reports of a quarter cannot be corrected, specified or changed after the deadline of defined submission for the Good Will Foundation.

Data of previous quarter report can be corrected, specified or changed in financial report of next quarter or in final financial report of 4th quarter if the last date of project implementation is 31st December 2016. Explanatory note must be submitted with explanations in detail what kind of inaccuracies was made in previous financial report and also reasons must be stated for those inaccuracies.

Also, project executors have the right to include documentary evidence of project expenditures of previous quarters in the report of next quarter or in the final report, if this documentary evidence was not included in the current period financial report.

We remind that project executors must submit final financial reports of 4th quarter not later than till 15th January 2017, if the last date of project implementation is 31st December 2016. Please ensure the well-timed submission of performance reports and financial reports of executing projects.

Reports submitted later than the date determined in Article 2.2.4 of Agreement may not be accepted and then allocated funds are considered as not used and are recognized as returnable to Good Will Foundation within determined period by the Foundation, unless the project executor indicates unforeseen reasons (force majeure) for which the deadline was postponed and provides the relevant documents and the director of Good Will Foundation or his authorized person decides to extend the deadline for submitting reports.

For more detailed information please contact:

Accountant Neringa Stankevičienė