This policy is developed to complement the 11th provision of the constitution on Finances and Reporting. And the intention of this policy is to provide a broader overview of principles which shape the nature of the organization’s financial management and of other resources and accountability.
Objectives:
To ensure that the organization’s internal control systems to avoid the risk of fraud properly implemented
To ensure accountability, openness, and transparency in the administration of finances and other resources.
To Ensure that every financial transaction or resource sharing is traceable within book reporting’s with answerable plans, actions, and outcomes.
Scope: the organization must be able to avoid unnecessary or ineligible (in a case of a contractual financing agreement with external parties) costs, it must ensure that such is eliminated through proper administration, and continuously improve in efficiency of internal processes and systems. The organization has to recognize and deal with conflicts of interests during a bidding or quotation process. All suppliers are to be treated evenly. And as a community-based organization, it sought to prioritise values of job creation, and gender and racial sensitivity in its processes.
Procurement guidelines:
In addition to the 11th provision of the constitution:
The Financial Officer or Finance and Planning Team should provide three quotations and a recommendation referencing a preferred product or service for any planned activity requiring payment for approval by the Executive Director.
All expenses shall be recorded by the Financial Officer.
All purchases must follow a guideline issued under the office of the Financial Officer. Purchases like data for zoom/teams/google meetings will be stipulated by the Finance and Planning Team only after the agenda of meeting has been received and upon confirmation of members that they will be attending the meeting. No data will be loaded without RSVP from members or expected participants.
The organization shall keep a list of suitable suppliers for frequently required goods or services as this will help to ensure eligible suppliers are invited to bid in a fair and open manner. Also reducing the amount of time sourcing.
The organization should handle purchases with funds from petty cash; ensuring that only items of low value should only be made from it.