# Regulation (EC) No 294/2008 of the European Parliament and of the Council of 11 March 2008 establishing the European Institute of Innovation and Technology, Article 14: Financial resources

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

1. The EIT shall be financed through a contribution from the general budget of the European Union within the financial envelope as set out in Article 19 and other private and public sources.
2. The KICs shall be financed, in particular, from the following sources:
(a) contributions from partner organisations, forming a substantial source of funding;
(b) voluntary contributions from Member States, third countries or public authorities within them;
(c) contributions from international bodies or institutions;
(d) revenue generated by the KICs’ own assets and activities and royalties from intellectual property rights;
(e) capital endowments, including those managed by the EIT Foundation;
(f) bequests, donations and contributions from individuals, institutions, foundations or any other national bodies;
(g) the contribution from the EIT;
(h) financial instruments, including those funded from the general budget of the Union.
Contributions may include contributions in kind.
3. The modalities for accessing funding from the EIT shall be defined in the financial rules of the EIT referred to in Article 21(1).
4. The EIT contribution to the KICs may cover up to 100 % of the total eligible costs of KIC added-value activities.
5. The KICs or their partner organisations may apply for Community assistance, in particular in the framework of Community programmes and funds, in accordance with their respective rules and on an equal footing with other applications. In that case, such assistance shall not be attributed for activities already funded through the general budget of the European Union.
6. The EIT contribution shall not, on average, exceed 25 % of a KIC’s overall funding.
7. The EIT shall establish a competitive review mechanism for allocating an appropriate share of its financial contribution to the KICs. It shall include assessing the KICs’ business plans and performance as measured by continuous monitoring.

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Source: https://www.legislation.gov.uk/eur/2008/294/article/14 (the official version)
Page: https://openlegislation.uk/eu-regulation-2008-294/article-14
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.