Certificate on the Financial Statements (CFS) in Horizon Europe
In Horizon Europe, beneficiaries are required to provide a Certificate on the Financial Statements (CFS) when their total EU contribution exceeds €430,000. This threshold applies per beneficiary, not per project or consortium.
🔍 When Is a CFS Required?
According to the Annotated Model Grant Agreement (AMGA), a CFS is mandatory if:
- The EU contribution to a beneficiary exceeds €430,000, and
- The requirement is explicitly stated in the Data Sheet, Section 4.3 of the Grant Agreement (see page 16 of the draft GMGA).
This requirement is further confirmed in Article 24 of the AMGA.
📄 What Is a CFS?
A CFS is an audit certificate that verifies the costs declared by the beneficiary in the financial statement, based on:
- Actual costs, and
- Costs calculated using usual cost accounting practices (if applicable).
It must be submitted together with the periodic report via the Funding & Tenders Portal.
✅ Who Can Issue a CFS?
The certificate must be issued by:
- An independent, qualified external auditor complying with Directive 2006/43/EC,
- OR, for public bodies, a competent independent public officer.
Auditors must adhere to the highest professional standards to confirm that the costs:
- Comply with the Grant Agreement, and
- Are eligible under Horizon Europe rules.
The CFS must follow the official template published on the Portal.
📌 Important Notes
- The CFS does not limit the rights of the granting authority or other EU bodies (such as OLAF, EPPO, or the European Court of Auditors) to conduct their own audits or investigations.
- If certain costs have already been audited by the granting authority, they:
- Do not need to be included in the CFS, and
- Do not count toward the €430,000 threshold.
🔗 References
- AMGA Article 24.2 – Certificate on the Financial Statements
- Data Sheet, Section 4.3 – Certificates
- AMGA Article 25 – Checks, Reviews, Audits, Investigations
