Council Regulation (EC) No 73/2008 (repealed)Show full title

Article 11 Sources of financing

1. All resources of the IMI Joint Undertaking and its activities shall be devoted to the objectives provided for in Article 2 of the Regulation.

2. The resources of the IMI Joint Undertaking entered to its budget shall be composed of:

(a) Members' financial contributions;

(b) any revenue generated by the IMI Joint Undertaking;

(c) any other financial contributions, resources and revenues.

Any interest yielded by the contributions paid by its Members shall be considered to be revenue of the IMI Joint Undertaking.

3. The running costs of the IMI Joint Undertaking shall be financed by its Members:

(a) The Founding Members shall contribute on an equal level, each of them with an amount not exceeding 4 % of the total financial contribution by the Community to the IMI Joint Undertaking. If part of the contribution from the Community is not used, it may be available for Research Activities referred to in paragraph 4;

(b) Any other member shall contribute in proportion to its total contribution towards the Research Activities.

4. The Research Activities shall be jointly funded through:

(a) non-monetary contributions (hereinafter referred to as contributions in kind) by the research based pharmaceutical companies that are members of EFPIA, with resources (such as personnel, equipment, consumables, etc.) at least equal to the financial contribution of the Community;

(b) a matching financial contribution of the Community from the Seventh Framework Programme entered to the budget of the IMI Joint Undertaking;

(c) contributions from members referred to in Article 2(2).

Contributions in kind shall be subject to an evaluation. The methodology for evaluating contributions in kind shall be defined in the internal rules and procedures of the IMI Joint Undertaking, in compliance with its financial rules and based on the Rules of Participation of the Seventh Framework Programme. Contributions in kind shall be verified by an independent auditor.

5. The participating research based pharmaceutical companies that are members of EFPIA shall not be eligible to receive any financial support from the IMI Joint Undertaking for any activity.

6. Should any Member of the IMI Joint Undertaking, or any participating research based pharmaceutical company that is a member of EFPIA, fail to meet its commitments concerning its agreed contributions, the Executive Director shall convene a meeting of the Governing Board to decide:

(a) in the case of a defaulting Member, whether its membership should be terminated, or if any other measures should be taken until it has been met its obligations; or

(b) in the case of a defaulting participating research based pharmaceutical company that is a member of EFPIA, which appropriate measures should be taken.

7. The IMI Joint Undertaking shall own all assets generated by it or transferred to it for the fulfilment of its objectives provided for in Article 2 of the Regulation.