Article 16 Budgetary principles and accounts

JIV-ERIC funds may only be used for purposes as laid down under these Statutes.

JIV-ERIC shall administer its own assets in accordance with tax regulations. To achieve its objectives, JIV-ERIC may acquire, use and manage third party funds.

The financial year of JIV-ERIC shall begin on 1 January and shall end on 31 December of each year.

All items of revenue and expenditure of JIV-ERIC shall be included in estimates to be drawn up for each financial year and shall be shown in the annual budget. The annual budget shall be in compliance with commonly accepted principles of transparency.

The accounts of JIV-ERIC shall be accompanied by an audited report on budgetary and financial management of the financial year.

JIV-ERIC shall be subject to the requirements of the applicable law as regards preparation, filing, auditing and publication of accounts.

JIV-ERIC shall ensure that the appropriations are used in accordance with the principles of sound financial management.

JIV-ERIC shall record the costs and revenues of its economic activities separately.

The JIV-ERIC Coordination and Support Office shall be responsible for keeping an accurate account of all receipts and disbursements.