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 requirements, and all revenue, including grants, gifts, and consulting fees, must be paid into this account.
The executive director and board treasurer will oversee the finance officer’s management of the account. Every withdrawal will need two signatories, who shall be chosen by board resolution. To guarantee accountability and early discrepancy detection, monthly reconciliations will be carried out and reported to the board.
The NGO will establish stringent internal controls over the bank account, such as independent audits every three months and thorough transaction documentation, to further guarantee openness and donor trust. The account’s use will be governed by the financial policy handbook, and any modifications to the signatory authority or account structure require board approval and must be recorded in meeting minutes.
Author: Mohamed Yasin
