Finance Guidelines

Document created by Hanna Schlegel on 17-Aug-2017Last modified by Robert Pleticha on 23-Aug-2017
Version 6Show Document
  • View in full screen mode

Financial Sustainability

As the CommUnity wants to become more sustainable we encourage you to find sponsors for in kind or cash contributions as well as ask participants for a fee to cover some of the costs. Costs can be covered by CommUnity budget as displayed below.

 

What does the CommUnity pay for?

The CommUnity can pay for catering and venue rental for CommUnity events that are approved by local managers. The CommUnity cannot pay for external conferences, or transport to any conferences and events, except for certain, pre-determined CommUnity reward events such as the Representatives Reunion.

 

How do we account for expenses?

Each location has a 500€ budget for CommUnity events. The local manager handles finances in each location.

 

Each month, the local manager completes an Expenses Report. The Expenses Report contains details about the expenses, such as dates they were made and the event they pertain to. The receipt for each expense is scanned and attached to the Expenses Report. The local manager must check that the Expenses Report is complete and balanced before it is sent to the CommUnity Office Assistant based in the Barcelona Office. The CommUnity Office Assistant checks the Expenses Report once again before the CommUnity Officer verifies it with a signature, and it is sent to the Invoicing team at the InnoEnergy head office.


For the Expense Report template and more information about how to fill it out, please follow this link on the CommUnity Representatives Group on the platform:

 

What happens if an expense is above the monthly budget?

If your event requires expenses greater than 500€, you will need to first get approval from the CommUnity Office. Following approval, you will need to obtain an invoice for the expense and fill in a Purchase Request & Authorization Form (PRAF). Please follow the instructions in the following link very carefully:


Once complete, the PRAF and invoice are sent to the CommUnity Office Assistant who once again will check the document and verify it with the CommUnity Officer, before it is forwarded to the InnoEnergy head office for processing.

 

Important finance rules

  • The financial procedures can take time. If you will need to follow the PRAF route, it is advised to start the procedure one month before the service is required.
  • The EIT does not allow for payment to occur between InnoEnergy and its partners. Therefore you must not seek services from any partners - because this cannot be reported to the EIT and therefore will not be reimbursed. This includes all the universities running InnoEnergy programmes. For example we cannot: 
    - Receive catering services from KTH catering
    - Pay KU Lueven for the rent of a room
    If, as a final resort, the services of a partner are the only option; please contact the CommUnity Office Assistant who will seek advice from the Finance team at InnoEnergy headquarters. Kindly do this before any services are confirmed and invoices issued.
  • If you are confused about how to start with your expense accounting, make sure to contact the CommUnity Office Assistant who can clarify things for you to avoid mistakes.

Link to Support & Contacts page

Attachments

    Outcomes