# Commission Implementing Decision of 24 June 2014 on setting-up the Central European Research Infrastructure Consortium (CERIC-ERIC) (2014/392/EU), Article 7: Financial Year, Annual Accounts and Budgetary Principles

Extent: E+W+S+N.I.

1. The financial year shall run from 1 January to 31 December. The annual accounts shall include the agreed value of in-kind contributions received and other revenue provided for in Article 6.
2. The annual accounts and the annual budgets shall be approved by the General Assembly. The annual accounts shall be approved within four months or, in exceptional circumstances, six months, after the end of the financial year. The annual accounts shall be accompanied by a report on budgetary and financial management of the financial year.
3. CERIC-ERIC shall be subject to the requirements of relevant national laws and regulations as regards preparation, filing, auditing and publication of the accounts.
4. CERIC-ERIC shall keep account of in-kind and financial contributions and expenses and shall ensure sound financial management aiming at achieving a balanced budget.
5. VAT, Excise Duty and other exemptions granted, based on Articles 143(1)(g) and 151(1)(b) of Council Directive 2006/112/EC and in accordance respectively with Articles 50 and 51 of Council Implementing Regulation (EU) No 282/2011, and on Article 12 of Council Directive 2008/118/EC, shall only apply to purchases made by CERIC-ERIC as well as to those made by each Member, in direct connection with and for the official and exclusive use of CERIC-ERIC, provided that such purchase is made solely for the non-economic activities of CERIC-ERIC in line with its activities. VAT exemptions shall be limited to purchases exceeding the value of EUR 300.
6. CERIC-ERIC shall record the costs and revenues of its economic activities separately and shall charge market prices for them, or, if these cannot be ascertained, full costs plus a reasonable margin. These activities shall not be covered by tax exemptions.

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Source: https://www.legislation.gov.uk/eudn/2014/392/annex/article/7 (the official version)
Page: https://openlegislation.uk/eu-decision-2014-392/annex/article-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.