Our firm has served for many years as the financial and administrative manager of Consortia in the framework of the Magnet program connected with the Chief Scientist. In this program generic R&D is carried out in a cooperation between industrial companies and academic bodies. Up to now our firm has accompanied 18 Consortia.
The assistance that our firm provides to a Consortium is expressed already in the stage of the establishment of the Consortium, prior to its full approval, in that we assist companies in preparing budgets, in training members in the work rules of the Chief Scientist and Magnet, in determining uniform rules of reporting and submitting an application and follow-up until receiving the initial letter of approval.
In the current operations stage, our firm handles coordinating the reports and the quarterly performance reports and submitting them to the office of the Chief Scientist, in making the required changes in the budget between items of the budget and between the companies within the Consortium, in submitting interim reports to the Chief Scientist, detailed follow-up of collection of the receipts, distributing the receipts between the members and reporting to the Consortium’s management as a result of every interim report which includes a performance analysis compared to the budget, an analysis of trends and utilization of the budget, etc.