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Commission Implementing Decision of 12 December 2014 on setting up the Joint Institute for Very Long Baseline Interferometry as a European Research Infrastructure Consortium (JIV-ERIC) (2014/923/EU)
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Changes over time for: CHAPTER 6
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CHAPTER 6U.K. FINANCE & REPORTING TO THE EUROPEAN COMMISSION
Article 16U.K.Budgetary principles and accounts
1.JIV-ERIC funds may only be used for purposes as laid down under these Statutes.
2.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.
3.The financial year of JIV-ERIC shall begin on 1 January and shall end on 31 December of each year.
4.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.
5.The accounts of JIV-ERIC shall be accompanied by an audited report on budgetary and financial management of the financial year.
6.JIV-ERIC shall be subject to the requirements of the applicable law as regards preparation, filing, auditing and publication of accounts.
7.JIV-ERIC shall ensure that the appropriations are used in accordance with the principles of sound financial management.
8.JIV-ERIC shall record the costs and revenues of its economic activities separately.
9.The JIV-ERIC Coordination and Support Office shall be responsible for keeping an accurate account of all receipts and disbursements.
Article 17U.K.Reporting
1.JIV-ERIC shall produce an annual activity report, containing in particular the scientific, operational and financial aspects of its activities. The report shall be approved by the Council and transmitted to the Commission and relevant public authorities within six months from the end of the corresponding financial year. This report shall be made publicly available.
2.JIV-ERIC shall inform the European Commission of any circumstances which threaten to seriously jeopardise the achievement of JIV-ERIC tasks or hinder JIV-ERIC from fulfilling requirements laid down in Regulation (EC) No 723/2009.
Article 18U.K.Liability
1.JIV-ERIC shall be liable for its debts.
2.The Members' financial liability towards JIV-ERIC's debts shall be limited to each individual Member's annual contribution as specified in Annex 2.
3.JIV-ERIC shall take appropriate insurance to cover the risks specific to the construction and operation of JIV-ERIC.
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