Country Lights Uganda Financial Policies and Procedures

PDF Attachment :  Financial Policy – Country Lights Uganda

 

COUNTRY LIGHTS UGANDA FINANCIAL POLICY AND PROCEDURES

 

FINANCIAL POLICY

  1. The Board of Trustees is responsible for:
  • Safeguarding the assets of the charity
  • Preventing fraud
  • Avoiding mistakes
  • Keeping financial records in accordance with the governing document and relevantlegislation (e.g. Charities Acts, Companies Acts etc).
  • Preparing Annual Accounts in accordance with the governing document and relevantlegislation

 

  1. To enable the Board of Directors to carry out these responsibilities, the FinancialProcedures detailed below must be followed at all times by all Board of Directorsmembers, staff and volunteers.

 

  1. A copy of this policy and procedures will be given to all Board of Directors members ontheir election/appointment to the Board, and to all relevant staff and volunteers.

 

  1. The policy and procedures will be reviewed annually by the Board of Directors andrevised as necessary.

 

FINANCIAL PROCEDURES

  1. ORGANISATIONAL INFORMATION
  2. a) Our Financial Year runs from
  3. b) Name of Bankers: Equity Bank, Barclays Bank, Stanbic Bank, Crane Bank.
  4. c) Name of Auditor/Independent Examiner: BWK and Associate Public Certified Accountant

 

  1. Bank Accounts
  2. All bank accounts must be in the name of the organisation.
  3. No account may ever be opened in the name of an individual or individuals.
  4. New accounts may only be opened by a decision of the Board of Trustees, whichmust be minuted.
  5. Changes to the bank mandate may only be made by a decision of the Board ofTrustees, which must be minuted.
  6. Two people should be involved in counting cash receipts.
  7. All cheques must be signed by two signatories.
  8. The signatories are responsible for examining the cheque for accuracy andcompleteness.
  9. All Internet Bank Transfers must be authorised by two signatories.
  10. The Treasurer is responsible for ensuring accuracy and completeness prior totransmission.
  11. The signatories are responsible for examining the payment documentation(purchase invoice etc) prior to signing the cheque or authorising an InternetTransfer.
  12. Blank cheques must never be signed.

 

  1. SIGNATORIES TO THE ACCOUNTS:

 

  1. i) Name: MUBIRU JAMES

Role/Job Title:  EXECUTIVE DIRCTOR

 

  1. ii) Name: OUMA ANGEL

Role/Job Title: ACCOUNTANT

 

iii) Name: MALAIKA BURAHENDA

Role/Job Title: ADMINISTRATOR

 

 

 

  1. ANNUAL BUDGET
  2. An annual budget, setting out the organisation’s financial plan for the year, will beprepared so that the Board of Trustees can approve it before the start of eachfinancial year.
  3. The draft budget will be prepared by the following three personnel:
  • Director
  • Administrator
  • Accountant

 

  1. FINANCIAL REPORTS
  2. A financial report will be prepared for every Board of Trustees meeting.
  3. The financial report will consist of:
  • Profit & Loss
  • Balance Sheet
  1. Each Financial Report will be circulated to all Board of Trustees members anddiscussed at the following committee meeting.
  2. The reports will be prepared by the treasurer

 

  1. ACCOUNTING AND OTHER FINANCIAL RECORDS

The organisation maintains a computerised accounting system which records:

  • Cheques and cash received and banked
  • Cheque payments, Internet Banking Transfers and other amounts paid fromthe bank accounts

 

  1. Every transaction will be entered into the appropriate book and will include:
  • The date of the transaction
  • The name of the person money was received from or paid to and the fullamount
  • A brief description of why the money was received or paid
  • An analysis of each amount under its relevant budget heading, whereapplicable

 

  1. b) All documents relating to receipts and payments will be filed in the month they areinput into the system
  2. c) A regular backupcopy will be taken, saved to CDROM and a copy transferredelectronically to the Coordinator.

 

  1. AUTHORISATION AND PAYMENT
  2. All purchase orders must be recorded in the Purchase Order book and allocatedthe next sequential Purchase Order Number.
  3. The Purchase Order Number must be given to the Supplier and quoted on theirinvoice.
  4. The Chairman (or Treasurer in their absence) must approve the purchase of anyitem over £200.
  5. No Board of Trustees or staff member may authorise payment to themselves, theirpartner or relatives.
  6. Invoices (or other receipts) should be matched and checked against the PurchaseOrder book before payment is authorised. All goods received must be signed for, ifunchecked they must be checked for completeness before payment.
  7. Before cheque or Internet payment is made, it must be authorised in writing.
  8. When the cheque is signed, the two signatories should also sign the ChequeRequisition Form.
  9. For Internet Bank Transfer the two signatories must sign the Authorisation form.
  10. Once payment has been made the invoice (or other receipt) should be marked“Paid”, together with the cheque number and date.
  11. All payments must be entered in the computerised accounting system only afterbeing authorised.

 

  1. PAYROLL
  2. All employees (including sessional and part time employees) must be asked tocomplete the relevant PAYE form/s before they receive any payment.
  3. All staff changes and changes to terms and conditions of employment must beauthorised and minuted by the Board of Trustees.
  4. Payroll and all calculations will be made by the Accountant
  5. INSURANCE
  6. Appropriate Insurance policies will be maintained to cover:
  • Employer’s Liability
  • Public Liability
  • Contents
  1. An inventory of all physical assets of the organisation will be kept and regularlyupdated.
  2. A copy will be kept off the premises at the address of the Treasurer.

 

  1. This Financial Policy, and the Financial Procedures detailed above were agreedand minuted at a meeting of the Board of Trustees on 4TH December 2017

 

 

 

PDF Attachment :  Financial Policy – Country Lights Uganda