The Erasmus+ programme offers various funding options for entrepreneurial organizations with more mobility and cooperation opportunities than ever before. One of the models most consistent in the Erasmus+ programme is the Lump Sum, which is frequently linked to particular activities or project types where it is considered important to use simplified funding mechanisms.
So, what exactly is a Lump Sum and how is this model important in the Erasmus+ programme?
A Lump Sum Model is a set amount of money given to beneficiaries to meet specific costs associated with their involvement in Erasmus+ projects or activities. In general, this funding is not given out in installments but rather as a singular payment. One of the main actions that frequently utilizes lump sum funding is Key Action 2 (KA2): Cooperation for Innovation and the Exchange of Best Practices.
Key Action 2, as mentioned above, focuses on supporting international cooperation initiatives that foster creativity, practice sharing, and the formation of strategic alliances in the areas of youth, education, and training. Within KA2, Lump Sum funding could be given to pay for specific project-related expenses like:
- Travel and subsistence – expenses for project participants, including staff mobility and trainers for learning/training activities
- Organizational costs – project management, coordination, and implementation
- Dissemination costs – project results (website, app, guidebook, brochures, etc.), marketing costs
- Other project related expenses, as per the funding guidelines
The Lump Sum Model offers many advantages to project participants, such as, Simplified Administration, Flexibility with resource allocation, Predictability with predetermined lump-sum amounts, Faster Disbursement, Innovation, and Enhanced Accountability to ensure effective and transparent use of funds for then project objectives and outcomes.
Are you interested to learn about the Lump Sum Model and its benefits? Connect with us to discover more about Lump Sum and the various opportunities provided by the Erasmus+programme.