Arqus Community of Practice: Advancing Project Finance Management Through Collaboration

Vilnius University’s (VU) Development Department, in collaboration with the Arqus Communities of Practice, has launched a new initiative – the Community of Practice “Project Finance Management Offices” (PFMO). This joint endeavour brings together six universities: VU, the University of Granada, the University of Graz, Leipzig University, the University of Wrocław, and Lyon 1 University. The PFMO team is committed to advancing project finance management by sharing expertise and building collective knowledge.

In today’s ever-evolving landscape of project finance, the PFMO community is dedicated to deepening practical knowledge, exchanging best practices, uncovering the unwritten rules of grant agreements, and strengthening the understanding of cost eligibility criteria. The community’s discussions and analyses aim to navigate the complexities of project finance with greater clarity. Through close collaboration, they develop practical guidelines and strategies that enhance daily operations and promote efficiency across institutions.

The Value of Professional Collaboration

Being part of the PFMO community offers invaluable benefits. Members gain access to a wealth of shared knowledge, build strong professional networks, and actively contribute to shaping best practices in the field. Whether for personal or professional growth, this community fosters collaboration, innovation, and support to tackle emerging challenges effectively.

Through a series of online and in-person meetings, the PFMO community successfully developed several key guidelines, including:

• Internal project kick-off meeting guidelines;
• Comprehensive AI-supported financial management strategies for EU-funded projects;
• Guidelines for personnel costs and reporting;
• Step-by-step guides for accessing research infrastructure activities, including cost calculation examples;
• Internal invoicing guidelines based on Horizon Europe regulations.

The community integrates all these valuable resources into its daily work, storing them in a dedicated Microsoft Teams group and Google Drive, ensuring seamless access for all members.

Securing Support and Driving Progress

The progress of the initiative has been supported by various funding sources, including the Erasmus+ Staff Mobility for Training programme, the Arqus Innovation Fund, and contributions from the participating institutions. Face-to-face meetings at VU and the University of Wrocław have fostered productive discussions and delivered tangible results. Through active participation in PFMO, members strengthen key competencies such as teamwork, leadership, results orientation, planning and control, and organisational skills.

In the future, the project aims to tackle essential financial management topics, including:

• Direct and indirect costs in projects;
• Strategies for financial audit preparation;
• Job profiling and role definition within project finance management.

Additionally, the team aims to expand the training offerings by incorporating sessions on PM² Project Management Methodology and PRINCE2 – Projects in Controlled Environments, contingent on securing additional funding.

Arqus Innovation Fund: Investing in the Future

The PFMO team hopes to implement most of the initiatives and ideas of this Community of Practice via the Arqus Innovation Fund. The fund allows a huge opportunity to improve skills in project finance management. Two initiatives were submitted to the Arqus Innovation Fund at the Community of Practice of PFMO.

Arqus Innovation fund – Call 2024 – PFMO: Projects Finance Management Offices Initiative

This initiative has already won the funds and is now used successfully for the aims of Arqus and The Communities of Practice. The PFMO Community of Practice unites finance managers, financial services, and EU post-award offices to enhance financial management, strengthen institutional capacity, and improve project efficiency. It fosters collaboration, knowledge sharing, and essential skills like leadership, planning, and teamwork, ensuring better financial oversight in university projects. For Arqus, PFMO Community of Practice drives standardised best practices, enhances inter-university collaboration, and builds a skilled workforce, ultimately benefiting research, education, and student services. Its long-term impact is secured through policy integration, continuous knowledge sharing, and potential expansion beyond financial management to broader university functions.

Arqus Innovation Fund – Call 2025: Cross-Disciplinary Seminars & Challenge-Based Learning Workshops

This initiative has been submitted, and the team is waiting for results because this initiative strengthens EU projects’ financial and technical management competencies, enhancing efficiency and strategic planning. It fosters soft skills, problem-solving, and collaboration across institutions. With at least 50 trained professionals and certification validation, it ensures credibility and long-term adoption. Sustainability is reinforced through an open-access approach and the Financial Project Managers Network, ensuring continuous knowledge sharing and institutional benefit.

These initiatives contribute to more efficient project financial management, benefiting university staff, students, and the broader Arqus Alliance.

Impact of Team Meetings

The team meetings with all existing members are pivotal in shaping the work and success of the Community of Practice framework. These gatherings are a cornerstone for fostering collaboration, introducing new initiatives, addressing pressing concerns, and providing practical solutions to support Community of Practice throughout its evolution. These events brought together technical experts and researchers from Arqus universities, creating a dynamic space for dialogue, knowledge-sharing, and the development of joint initiatives across the Alliance community. By facilitating meaningful exchanges, these meetings strengthen internal collaboration and inspire innovative approaches to working within and beyond the Community of Practice ecosystem.

A Team Member’s Role in the Community of Practice

The team members of this Community of Practice invite you to be an active part of this dynamic community, where collaboration transforms project finance management into a more efficient, streamlined, and impactful process. For this reason, there are scheduled face-to-face meetings at the University of Granada, Leipzig University, and the University of Graz to continue collaborative efforts. Additionally, the team will host three online meetings to ensure continuous engagement and progress. Through active participation in PFMO, members will strengthen essential competencies such as teamwork, leadership, results orientation, planning and control, and organisational skills.

Each PFMO Community of Practice member plays a vital role in driving this mission forward. The team members continuously seek fresh ideas, engaged participants, and additional funding opportunities to enhance activities. Here’s what members have to say about their experience in PFMO:

Aleita Markevič, VU

“I am truly delighted that the Arqus project provides a great opportunity to establish a Community of Practice – bringing together people who share a common interest in managing project finances and risks. Moreover, the ARQUS Innovation Fund Bottom-Up creates a strong foundation for implementing ideas and training initiatives. Through this initiative, we deepen our knowledge, exchange best practices, find solutions, and feel the support of like-minded professionals. I sincerely hope this wonderful PFMO Community of Practice will continue to grow, attracting more community members eager to engage in discussions and continuously update their expertise.”

Žana Markauskienė, VU

“I truly believe that Community of Practice PFMO is a significant achievement for both us and our universities and a remarkable success. The ever-changing project funding requirements and legislation demand quick understanding, the ability to adapt correctly, and more efficient decision-making, often calling for creativity as well. By collaborating with colleagues from other universities, I am able to share good practices and gain invaluable insights by drawing from the experience and expertise of different countries. This collaboration is incredibly motivating, boosts my confidence, and undoubtedly enriches my professional knowledge. I sincerely hope that our Community of Practice will continue to grow with new members and thrive.”

Milena Tamošiūnienė, VU

“I am delighted to be part of a larger community of project finance professionals, where we work together to find answers to the challenges we face in our daily activities and share our experiences. I am especially motivated by the participants’ engagement, the friendly atmosphere, and our shared achievements. I also highly value the discovery that we encounter similar challenges regardless of which university we work at. We have joined forces to overcome them together.”

Agnija Duobienė, VU

“I am very happy to have had the opportunity to join and participate in the Community of Practice, made possible by the Arqus European University Alliance. From the very beginning, engaging in the Community of Practice seemed exciting and full of promising new activities. Although, at first, it felt a bit daunting, with uncertainty about where this journey would lead and how it would evolve, I can now confidently say that it has been one of the best and most rewarding experiences in my professional life over the past five years.

I am truly delighted to have found colleagues from different countries with whom I can share experiences, everyday challenges, and solutions. This not only enhances professional competencies and broadens perspectives but, most importantly, makes you feel that you are not alone in your professional journey – you become part of a large and supportive family.”

Linara Kudasheva, University of Granada

“I feel lucky to be a part of the Community of Practice for Projects Finance Management Offices. It´s great to have this space to exchange ideas, experiences, and challenges with like-minded people! I hope more professionals can join our Community of Practice, opening up new opportunities for joint collaborations.”

Virginia Salazar López, University of Granada

“I am truly happy to be part of the Projects Finance Management Offices Community of Practice within the Arqus Alliance. It’s incredibly reassuring to be connected with colleagues from other universities, especially in a world of rapidly changing procedures and legislation. It helps me feel part of a supportive community where we can share good practices, ask our doubts and support in our daily struggles. I’m deeply grateful for the opportunity to participate in this Community of Practice.”

Anja Rodon, Leipzig University

“I am very happy and grateful that my colleagues in Vilnius have initiated this Community of Practice. I am proud to be able to participate in such an exchange at my professional level as part of the Arqus programme. It is a great opportunity to exchange ideas with finance and project managers from other European universities, discover common problems, and learn from their solutions.”

Iwona Filarska, University of Wrocław

“Participation in this Arqus Community of Practice initiative is primarily an opportunity to exchange experiences and solutions in the area of projects being implemented in each partner institution; it is also an opportunity to take part in professional training on the financial aspects of projects; a true added value in the daily work. I am pleased to cooperate with such dedicated individuals.”

Anne Deketele and Evamaria Bradacs, University of Graz

“To be part of the Community of Practice in the Arqus project is a great chance to meet financial managers of other universities, not only online but also twice a year at one of our partner universities. We support each other and share ideas for improving services and processes.

In a very supportive, friendly, and nice atmosphere, we can share our knowledge, learn from each other, and work on common solutions for our problems. This network helps to improve our knowledge and develop skills or tools to ease our daily work. In addition to that, we enjoy the intercultural exchange with our colleagues.”