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Article 16 Sources of financing

United Kingdom

Original text. Later amendments are not shown.

1.

The S2R Joint Undertaking shall be jointly funded by the Union and the members other than the Union and their affiliated entities through financial contributions paid in instalments and in kind contributions, consisting of the costs incurred by them in implementing indirect actions that are not reimbursed by the S2R Joint Undertaking.

2.

The administrative costs of the S2R Joint Undertaking shall not exceed EUR 27 000 000, and shall be covered through financial contributions divided equally on an annual basis between the Union and the members of the S2R Joint Undertaking other than the Union, other than research centres and universities. The contribution of the members other than the Union shall be determined proportionately to their respective budget commitment. If part of the contribution for administrative costs is not used, it may be made available to cover the operational costs of the S2R Joint Undertaking.

3.

The operational costs of the S2R Joint Undertaking shall be covered through:

(a)

a financial contribution by the Union;

(b)

in-kind contributions by the members other than the Union and their affiliated entities, consisting of the costs incurred by them in implementing indirect actions less the contribution of the S2R Joint Undertaking and any other Union contribution to those costs.

4.

The resources of the S2R Joint Undertaking entered into its budget shall be composed of the following contributions:

(a)

members' financial contributions to the administrative costs;

(b)

Union financial contribution to the operational costs;

(c)

any revenue generated by the S2R Joint Undertaking;

(d)

any other financial contributions, resources and revenues.

5.

Any interest yielded by the contributions paid by the members of the S2R Joint Undertaking shall be considered to be its revenue.

6.

All the resources of the S2R Joint Undertaking shall be devoted to achieving the objectives set out in Article 2 of this Regulation.

7.

The S2R Joint Undertaking shall own all assets generated by it or transferred to it for the fulfilment of its objectives set out in Article 2 of this Regulation.

8.

Subject to Article 24(4), no payment by way of division of any excess revenue over expenditure shall be made to the members of the S2R Joint Undertaking.