National Fund Directorate

Director of the DirectorateManuela Milosheva
Manuela Milosheva

Contact details:
102 “G. S. Rakovski” Str.
1040 Sofia, Bulgaria
telephone: (+359) 2/9859 2782, 2790

e-mail: Embedded Image

Main role

The National Fund Directorate performs the functions of Certifying Authority and Authority responsible for receiving the funds from the European Regional Development Fund, the European Social Fund, the Cohesion Fund as well as under the Youth Employment Initiative and the Fund for European Aid to the Most Deprived for 2014-2020 programming period and under the programmes for cross-border cooperation along the external borders of the European Union.

The National Fund Directorate is Certifying Authority responsible for the financial management of the aid granted to Bulgaria under the EEA Financial Mechanism and under the Norwegian Financial Mechanism, as well as for the certification of expenditure under the programmes of the Financial Mechanism Office (FMO).

The Directorate performs the functions of Paying Authority responsible for exercising financial control over the spending of funds under the Bulgarian-Swiss Programme for Cooperation.

The Directorate's functions are laid out in the Ministry of Finance’s Structural Regulations and Council of Ministers’ Decisions Nos 988/27.12.2005, 792/17.12.2013, 523/31.07.2007 and 156/21.03.2014.

The Directorate performs the functions of central treasury entity that manages the aid granted to Bulgaria by the European Community under the pre-accession programmes PHARE, CF (Regulation 1164/94)/ ISPA and SAPARD in connection with their closure.

Idea of establishment

The National Fund Directorate at the Ministry of Finance was established on 11.02.1999 by virtue of the Memorandum of Understanding on the Establishment of National Fund between the Government of the Republic of Bulgaria and the European Commission, ratified by the 38th National Assembly. The Memorandum was signed in accordance with the National Strategy for Accession to the European Union. The National Fund has the functions of central treasury entity that manages the aid granted to Bulgaria by the European Commission under the pre-accession instruments (PHARE, CF (Regulation 1164/94)/ ISPA and SAPARD).

The main responsibility of the National Fund is to build and maintain an effective and robust system for sound financial management and absorption of the resources under the Funds, programmes, mechanisms and instruments of the European Union.

Main tasks of the Directorate related to its role of Certifying Authority and Authority responsible for receiving the funds from the EU:

  • Certifies to the European Commission the expenditures under the Operational Programmes co-financed from the European Regional Development Fund, the European Social Fund, the Cohesion Fund, the Youth Employment Initiative, the Fund for European Aid to the Most Deprived, the bilateral programmes for cross-border cooperation along the external borders of the European Union; it also certifies to the Financial Mechanism Office the expenditures under the EEA Financial Mechanism and the Norwegian Financial Mechanism;
  • Draws up and submits to the European Commission applications for payment for each operational programme, on the basis of which the European Commission reimburses the expenditures made by the Republic of Bulgaria;
  • Is responsible for the preparation of the annual accounts for the operational programmes co-financed from the European Regional Development Fund, the European Social Fund, the Cohesion Fund, the Youth Employment Initiative, the Fund for European Aid to the Most Deprived and the programmes for cross-border cooperation along the external borders of the European Union; sends to the European Commission the package of documents for the closure of each accounting year;
  • Approves limits of expenditure within which the Managing Authorities execute payments to the beneficiaries;
  • Performs the functions related to the annual budgetary procedure in respect of the funds from the European Union and other donors.

The relations between the Certifying Authority and the Managing Authorities in respect of the processes of payment, verification, certification, closure of accounts, reimbursement and writing-off of irregular expenditures and accounting under the programmes co-financed from the European Regional Development Fund, the European Social Fund, the Cohesion Fund and the programmes for cross-border cooperation along the external borders of the European Union are regulated in detail at national level by an Ordinance issued by the Minister of Finance on the basis of Article 7, paragraph 4, point 4 of the Law on Management of the European Structural and Investment Funds.

Information about the financial performance of the operational programmes financed from the European Regional Development Fund, the European Social Fund, the Cohesion Fund, the Youth Employment Initiative and the Fund for European Aid to the Most Deprived as well as under the programmes for cross-border cooperation along the external borders of the European Union, the EEA Financial Mechanism and the Norwegian Financial Mechanism.

 

Structure 

The National Fund Directorate consists of five divisions:

The Certification Division performs documentary checks of the certification reports and the statements of eligible expenditures, draws up the applications for payment to the European Commission, draws up the annual accounts, sends the documents related to the annual closure of accounts, performs checks and sends financial data on the programmes to the European Commission.

The Financial Management and Quality Control Division makes analyses of the implementation of the programmes with a view to minimising the risk of losing EU funds, performs checks of horizontal policies, financial instruments, state aid and public procurement, takes part in the budgetary procedure.

The Implementation and Monitoring Division is responsible for the monitoring of the implementation of the programmes, the control over the spending of funds under the Bulgarian-Swiss Programme for Cooperation, certifies the expenditures under the EEA Financial Mechanism and the Norwegian Financial Mechanism, performs checks related to the functions of the Directorate as Certifying Authority, performs activities related to the function of the Certifying Authority as a beneficiary.

The Audits and Financial Corrections Division keeps an up-to-date database with audit findings and recommendations and makes analysis of and monitors their implementation; takes care of the process of certification of expenditures in respect of the information related to irregularities/financial corrections and their correct reduction when forwarding data to the European Commission; follows-up the reporting in terms of the irregularities and financial corrections in the information systems (MIS-2020, MIS, IMS).

The Accountancy Division takes care of the accounting of the activity of the National Fund, prepares consolidated statements under the UBC and summaries of trial balances in accordance with the national accounting legislation, draws up a single methodology for accounting at the Managing Authorities.

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