How to Raise Funds from the European Commission

Policy for Book Keeping and Record Maintenance in NGOs

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6.2.2 Procedures for Fund Disbursements

• All requests for payments are to be made using the appropriate forms.
• Requests for payments are to be properly substantiated with bills/receipts and essential documents.
• Requests for payments are prepared by accountant and submitted to Executive Director for checking and approval.

6.3 Book Keeping and Recording

6.3.1 Book Keeping

The recording system of NGO’s financial transactions allows to monitor bank balances, status of funds receipts and expenditures, and a comparative statement of budget vs. actual expenditure on a regular basis.

NGO will maintain records of fixed assets, petty cash disbursements, supplies, inventory, the use and maintenance of office equipment.

6.3.2 Accounting

The following sets of financial reports will be prepared by NGO:

A. Quarterly financial reports will be prepared for review by each individual project manager of NGO’s specific projects as well as of its core activities. This quarterly report will be reviewed by the Board of NGO. Financial reports to donors will be submitted as prescribed in the agreement between donors and NGO.

B. Annual Balance Sheet and Statement of Income and Expenditures will prepared for each fiscal year.

6.4 Auditing

Books of Accounts of NGO shall be audited annually by an independent auditor appointed by the General Assembly.

NGO may hire internal auditor in order to streamline its accounting systems and procedures.

Finance Policy: Page 1……. Page 2…….Page 3

More NGO Operational Policies:

1. General Personnel Policy (also Human Resource Policy)
2. Communications Policy
3. Computer Policy
4. Procurement Policy
5. Fixed Assets Policy
6. Finance Policy

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