OBJECTIVE PUBLIC FINANCE
purpose of managing public finances Ensuring the effective and efficient use of public resources in order to promote fiscal sustainability, economic stability, and equitable development is the main goal of public finance management, or PFM. This entails allocating government funds, budgeting, and strategic planning in a manner consistent with public policy objectives and national priorities. […]
LEGAL AND INSTITUTIONAL CONTEXT
The laws, rules, procedures, and systems that control the collection, handling, and expenditure of public monies are collectively referred to as public financial management, or PFM. Constitutional clauses, public finance acts, procurement regulations, budgeting legislation, and audit requirements are commonly included in PFM’s legal framework. These rules guarantee that public institutions’ financial operations are accountable, […]
PURPOSE OF PUBLIC FINANCIAL MANAGEMENT
PURPOSE OF PUBLIC FINANCIAL MANAGEMENT GOAL The vital function of public financial management (PFM) is to guarantee that public resources are organized, distributed, and utilized effectively and openly in order to accomplish national development objectives. It includes systems for accounting, auditing, tax collection, spending management, and budgeting that facilitate the efficient provision of public services. […]
INTRODUCTION OF PUBLIC FINANCIAL MANAGEMENT
Overview of Public Financial Management The term “public financial management” (PFM) describes the procedures, guidelines, and organizations that governments and other public sector organizations employ to manage public funds. In order to guarantee that public monies are raised and spent in a way that is open, accountable, and consistent with policy aims, it covers the […]
FINANCIAL REPORTING NGO
Subject: Report on Strategic and Financial Updates I am happy to give you an update on the financial situation and strategic advancements of our non-profit organization during the current fiscal cycle. We have continued to place a high priority on appropriate resource allocation and financial transparency during the last quarter. With 89% of spending going […]
INDIRECT ADMINISTRATION COST NGO
Procedure for Indirect Administrative Costs The NGO will set aside a portion of its overall budget to cover indirect administrative costs in order to guarantee financial sustainability and transparency. These expenditures include things like utilities, office rent, pay for administrative staff, IT assistance, and basic office goods that help the business run. These costs are […]
ASSETS CONTROL NGO
Procedure for Asset Control All permanent and movable assets obtained by purchase, donation, or grant financing must be listed in the NGO’s extensive asset register. A description, serial number (if relevant), acquisition date, cost, funding source, and location must all be included with every asset entry. To make monitoring and accountability easier, the finance or […]
PAYMENT PROCEDURE NGO
Authorization and approval of payments The agreed budget and financial standards must be followed for the NGO to be able to make any payments. Payment requests must be made using a standard payment request form and supported by the relevant paperwork, such as contracts, invoices, or receipts. Depending on the amount and kind of spending, […]
OPERATIONAL BANK ACCOUNT
OPERATIONAL BANK ACCOUNT The NGO must keep a specific bank account under its registered name to facilitate the efficient administration and openness of money. This account will only be used for initiatives that support the NGO’s advocacy, capacity building, and financial policy research missions. All expenses must be clearly tied to authorized projects or administrative […]
PAYROLL STAFF COST
Overview of Payroll Staff Costs Payroll staff costs account for a sizable amount of the NGO’s operating costs, demonstrating our dedication to employing skilled workers to efficiently oversee and carry out our initiatives. Salaries, statutory benefits, and allowances for all full-time and part-time staff members engaged in fieldwork, finance, program execution, and administration are included […]