Grant payment and reporting

Grant commitment

The grant recipient’s approval letter entails a digit code needed to fill up the the grant commitment form in the electronic grant system. Filling up and submitting the form is a prerequisite for grant payment.
NOTE! This applies both the new grant recipients and those recipients from previous grant rounds who have not yet initiated their grant period.

A grant is considered withdrawn if the commitment form is not submitted within three years as of the date of the approval letter.

Payment schedule

A grant is paid according to the recipient’s schedule presented in the grant commitment, and in five instalments at most. A Finnish bank account is required for the payments. If the commitment form is inadequately filled it is not possible to realize its requested payment schedule.

The commitment forms and payment requests submitted by the 20th of the month are valid for the month’s payments. Grants will be paid by the last working day of each month. An exception is made in the July grant payments which will be transacted already in June and also in December payments which will be transacted on 15th Dec. For December payment requests have to be submitted in electronic system at the latest on 14th December.

Payment sums

Grants of 3,000 euros or less are normally paid out in one instalment. We prefer to pay larger grant sums in instalments of 2,000-4,000 euros by request of the recipient, however, not within a particularly short period without special grounds. However, the tuition fees of a foreign university may give grounds to a larger grant sum being paid all at once. Grants to teams or entities may also be paid in larger instalments.

If the grant recipient’s circumstances change substantially from those presented in the application, e.g. if the grantee goes into fulltime paid employment, please contact our office. Payment of the grant may be discontinued or the payment schedule changed. Smaller changes to the payment schedule may be conducted upon request by emailing a valid explanation to the office (lsr[at]lsr.fi).

Statutory obligations

According to the yearly announced minimum sum total (20.309,40 € in 2017) a grant awarded for at least four months of work in Finland requires the recipient to take the statutory pension insurance (MYEL) (see Mela’s instructions). This obligation concerns both recipients of personal grants and those working in a research group. The Foundation for Economic Education reports of awarded grants to Mela during the first payment month as requested in the commitment form. The awarded grant includes the portion subject to statutory pension insurance.

Grants awarded by the Foundation for Economic Education include the eventual costs incurred in working.  For groups, a requisite for the eventual use of complementary workforce is that the person in charge of the group takes care of the application for the statutory social security.

Grants are tax-exempt to their recipients up to the amount equivalent to the Finnish state grants for artists as annually confirmed (20.309,40 € in 2017).

According to the Finnish income tax law (Tuloverolaki 1535/92, 82§) the stipendiums and other grants for education or research, or prizes for meritorious scientific, artistic, or non-profit activity, are with certain conditions subject to taxation.

Conference grants

A grant awarded for conference participation will be made payable only after it has been confirmed that the researcher’s paper has been accepted for presentation.

Grants awarded for studies abroad

Grants awarded for postgraduate or complementary studies abroad will be made payable two months before travelling at the earliest.

Grants for entities

Grants awarded to teams or entities (e.g. schools and associations) will be paid only to the entity’s bank account. A business identity code (Y-tunnus) is needed for the payments.

Grants for research groups

Each member of a research group who seeks an individual grant payment, has to return a signed commitment form. We request that each member’s commitment form arrive before the first instalment of the grant is paid. If this is not possible, we require a plan signed by the research group’s person in charge on how the awarded grant will be divided among the group’s researchers. A tax-exempt grant cannot be paid to research assistants.

If the group wishes the money transactions of a grant awarded to it to be handled, for instance, though a university, the project’s person in charge needs to sign the entity’s commitment form. Our office will send the form on request.

A precondition for grant payments is a commitment form with an original signature. A fax or an email attachment will not suffice.

REPORTING ON THE USE OF GRANT

A grant report is made in the electronic grant system according to instructions. The grant recipients from before the 2012 inauguration of the electronic system also must sign up as users in order to submit the report. Dissertations should be posted to the foundation’s office: Museokatu 8 A 1, 00100 Helsinki, or in case of electronic pdf-publications to the office email address: lsr[at]lsr.fi.

The final report is expected as soon as the funded project is complete. It is considered good practice to mention the funding sources or sponsors in e.g. the foreword of the publication.

The objectives of reporting on awarded grants are:

(1) To make sure that the grant recipient uses the grant for the purpose mentioned in his/her application. This is important for the Foundation for Economic Education’s decision making, as well as for ensuring the fair treatment of other grant applicants.

(2) To collect summaries of reports that interest the Foundation’s stakeholders to show that economic education is worth investing in.

(3) To get publications completed with our funding to the Foundation for Economic Education’s library when they are still recent but already in their finalized form.

(4) To time the grant payments according to need.

A report on the total costs of the project and on how the costs have been covered is essential. The main point, however, is to report on what has been achieved with the grant. The significance of personal learning and experiences should not be underrated when doing this, even though grants are not awarded merely for gaining experiences. If the grant recipient has been on leave of absence or on study leave and has financed this through the grant, an accurate account of this is required.

If it is not possible to deliver the final report because the project continues or due to postponing it, an intermediate report on the work’s progress/continuation is required within two years of awarding the grant. After this we expect to get a report once a year, until the project is completed.