The Project Finance Management Offices Community of Practice (PFMO CoP), funded by the Arqus Innovation Fund in 2024, represents a significant step toward reliable, transparent and collaborative financial management throughout the Arqus Alliance. This initiative unites project finance managers and specialists from six Arqus partner universities to address shared challenges, enhance institutional capacity and improve financial oversight for EU-funded projects. Regardless of a project’s theme or scale, the PFMO CoP encourages consistent, rule-compliant and efficient financial practices.
Fully aligned with the Erasmus+ Arqus 2022–2026 Work Plan, the PFMO CoP fosters intercultural competence, teamwork and joint added value. It also supports the Alliance’s strategic goals by cultivating a more cohesive and capable project finance system.
Using a hands-on, bottom-up approach, the CoP promotes the sharing of best practices, deepens understanding of EU funding regulations and equips teams for financial audits. It assists financial teams throughout the entire process, from writing proposals to final reporting.
The initiative emphasises the following main areas:
- Compliance with EU regulations for time tracking;
- Procedures for initiating projects and team building;
- Travel cost considerations and rules;
- Indirect expenses related to the project;
- Approaches for audit preparation;
- Incorporation of financial practices into the university’s permanent frameworks.
The PFMO CoP promotes collaboration and knowledge sharing, enhances the Alliance’s financial capabilities and establishes a new standard for managing EU-funded projects within European higher education with fewer risks of mistakes and misunderstandings.
