Responsible use, tracking and auditing of funds per donor requirements.
Principles
- Funds are used only for their designated purposes.
- A separate accounting ledger for each grant and periodic financial reports.
- An approved budget with monthly variance review.
Controls
- Segregation of preparation, approval, disbursement and recording duties.
- Cash and bank accounts managed with dual signatures.
- Annual external audit by an independent certified auditor.
- Retention of financial records for the period required by donor agreements and law.
- Accounts available to donors and oversight bodies on request.