PROCUREMENT PLANNING & APPROVAL NGO
PROCUREMENT PLANNING & APPROVAL NGO Procurement Planning and Approval: The first step in any NGO procurement activity should be a thorough needs analysis, which should be followed by the creation of a procurement strategy that complements the organization’s yearly budget and program objectives. A requisition form needs to be completed and approved by the finance […]
FINANCIAL REPORTING POLICY NGO
Policy for Financial Reporting Transparency, accountability, and prudent financial management are all priorities for our non-profit. In compliance with donor requirements and generally accepted accounting standards (GAAP), we keep timely and accurate financial records that accurately reflect all transactions. The finance committee reviews monthly financial statements to make sure they align with our operating objectives […]
FUND MANAGEMENT & DISBURSEMENT POLICY
Policy for Fund Management and Disbursement Our NGO uses a systematic approach to money management in order to guarantee accountability, transparency, and efficient use of resources. All money collected is placed into a specific organizational bank account, regardless of whether it comes from grants, contributions, or collaborations. Standardized accounting software is used to preserve financial […]
BUDGET PLANNING & APPROVALS
BUDGET PLANNING & APPROVAL NGO Budget Planning: All departments and project leads are required to submit recommended budgets based on their planned activities and objectives at the start of each fiscal year. Comprehensive estimates of projected expenses and predicted financing sources should be included in these submissions. In order to ensure alignment with the NGO’s […]
CASH BASIS OF ACCOUNTING POLICY
Accounting Policy’s Cash Basis For financial reporting and decision-making, the company uses the cash basis of accounting. This approach records expenses as soon as they are paid and recognizes income as soon as cash is received. This simple method gives a clear picture of the resources that are accessible at any given time by bringing […]
A FUND ACCOUNT
A fund account The integrity of financial policy within asset management organizations is directly supported by the precise assessment and reporting of investment funds, which is made possible in large part by fund accountants. Their primary duties include financial statement preparation, transaction reconciliation, and net asset value (NAV) calculations. These responsibilities are essential to maintaining […]
OBJECTIVE OF FINANCIAL POLICY NGO
OBJECTIVE OF FINANCIAL POLICY FOR NGO Our non-governmental organization’s (NGO) financial policy is to create a structure for managing all financial resources that is transparent, accountable, and easy to understand. This policy seeks to guarantee that funds are used effectively, in accordance with the intentions of donors, and in support of the mission and programmatic […]
INTRODUCTION OF FINANCIAL POLICY NGO
INTRODUCTION OF FINANCIAL POLICY FOR NGO For any non-governmental organization (NGO) with an emphasis on education to succeed, financial sustainability and accountability are essential. With the help of this financial strategy, the organization’s financial resources may be managed in an organized manner, guaranteeing that money is spent effectively on community outreach, infrastructure, educational programs, and […]
PHYSICAL WEALTH (HEALTH)
Comprehending Material WealthTangible assets with worth that can support a person’s or a country’s financial stability are referred to as physical wealth. These consist of land, machinery, real estate, precious metals like gold and silver, and personal belongings like cars and equipment. Physical wealth, as opposed to digital or financial assets, is rooted in the […]
TIME WEALTH (FREEDOM)
Reevaluating the Definition of Wealth In our fast-paced world, material achievement, property, and bank balances are usually used to gauge wealth. However, there is a growing change in perspective—time riches is now the new standard for living a truly rich life. Time wealth, as opposed to money riches, is the ability to select how you […]