BASIC FINANCIAL MANAGEMENT

FOR
NON-PROFIT ORGANISATIONS & DONOUR FUNDED PROGRAMS
PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo.com

The Promise
This training is an introduction to financial control and accountability for non-financial organisational or project leadership.

Many of us in leadership positions in civil society organisations and projects find ourselves dealing with large sums of money when we have little or no knowledge or experience about how to manage money.
PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo.com

The Promise contd.

Some other organisations are unable to attract funding because they have failed to play by the rules.

This training is intended to give us a basic understanding of some of the issues and “how to‟s.” It will not turn us into bookkeepers or accountants. But it will provide us with a reference tool to help us understand some of the concepts and approaches.
PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo.com

Training Outline
Session 1: Session 2: Introduction Setting up a bookkeeping system for our organisations Producing financial reports

Session 3:

PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo.com

Introduction
This Session:

Explains why financial management is important for NPOs.
Clarifies what financial management and financial control involves. Describes the underlying principles of financial management.
PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo.com

com   .Introduction contd. PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo. It looks at the basics of a good bookkeeping system. This session:  Explains roles and responsibilities for financial management. Outlines the building blocks and tools of financial management. at the importance of having financial policies and how to develop them.

com  . PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo.Why financial management training for non-profit organisations?  Many leaders and managers in civil society organisations are overwhelmed by the jargon of financial management. Sometimes they avoid their responsibilities in this regard because the jargon makes them feel incompetent.

com .Good practice in financial management will:  help managers to make effective and efficient use of resources to achieve objectives and fulfill commitments to stakeholders help NPOs to be more accountable to donors and other stakeholders  PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo.

com   .Good practice in financial management will:  help NPOs gain the respect and confidence of funding agencies. PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo. partners and beneficiaries give the NGO the advantage in competition for increasingly scarce resources help NGOs prepare themselves for long-term financial sustainability.

PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo.What is Financial Management?  Financial management entails planning. and not leaving things to chance. controlling and monitoring the financial resources of an organisation to achieve objectives. organising.com  . Financial management is about taking action to look after the financial health of an organisation.

financial management is all about: Managing scarce resources  Managing risk  Managing strategically  Managing by objectives  PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo.com .In summary.

What is Financial Control? At the heart of financial management is the concept of financial control. managers will sleep soundly at night. And when this happens. PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo. This describes a situation where the financial resources of an organisation are being correctly and effectively used. beneficiaries will be well served and donors will be happy with the results.com .

 Financial control occurs when systems and procedures are established to make sure that the financial resources of an organisation are being properly handled.com . PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo.

com .        Consistency Accountability Transparency Viability Integrity Stewardship Accounting Standards PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo.The 7 Principles of Financial Management It is useful to identify a series of good practice principles. which can be used as a standard in developing proper financial management systems in an NPO.

the budget is the cornerstone of any financial management system and plays an important role in monitoring the use of funds. PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo. Financial Planning Linked to the organisation‟s strategic and operational plans.com  . Accounting records also provide valuable information about how the organisation is being managed and whether it is achieving its objectives.The 4 Building Blocks of Financial Management  Accounting Records Every organisation must keep an accurate record of financial transactions that take place to show how funds have been used.

com  . Financial Monitoring Financial reports allow the managers to assess the progress of the organisation. Internal Controls Checks and balances – collectively referred to as internal controls – are put in place to safeguard an organisation‟s assets and manage internal risk. PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo.

Effective management of NGOs demands:  Planning Tools: Strategic plan. work plans. job descriptions.com . cashflow forecast. flow diagrams. business plan. budgets…etc.  Organising Tools: Constitution. PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo. Chart of Accounts. feasibility study…etc. organisation charts. budgets. activity plan. Finance Manual.

donor reports. Controlling Tools: Budgets. internal and external audit. insurance.  Monitoring Tools: Evaluation reports..com . project reports. delegated authority. evaluation reports…etc. reconciliation. financial statements. budget monitoring reports. audit reports. PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo. vehicle policy... cashflow reports. procurement procedure. fixed assets register.etc.

Session 2 Setting up a bookkeeping system for our organisations  What is the Right System?  Steps to setting up a bookkeeping system PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo.com .

operational structure (e.g. function). But there are a number of considerations to take into account to find the right approach for your NGO:  Structure – line management. department. branch. Organograms are useful here. their functions and where they are based.What is the Right System? Every NGO is different – there is no such thing as a „model‟ finance system.com . PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo. number of staff.

 Activities of the organisation – number and type of projects. Volume and type of financial transactions – do you pay for your goods and services with cash or with suppliers accounts or both?  PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo.Considerations for identifying the right system contd.com .

Considerations for identifying the right system contd.com  .  Resources of the organisation – what financial. equipment and human resources are available to help manage the finances? Reporting requirements – how often and in what format do financial reports have to be produced for the different stakeholders in your organisation? PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo.

com . PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo.Considerations for identifying the right system contd. coding structure for transactions. and financial reporting routines. All of these considerations will help one to decide the most appropriate:     method for keeping accounting records. financial policies.

3.com . 4. 2. PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo. Develop a „Finance Manual‟ – or a file of established policies and procedures. Develop an organisation chart and job descriptions of staff. Develop a financial accounts structure – including a Chart of Accounts and Project Cost Centres. Produce a budget based on activity plans.Steps to Developing a Bookkeeping System 1.

Keep financial records Produce financial reports or statements. 5.com .Steps to Developing a Bookkeeping System contd. PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo. 6.

Developing an organisation chart The way that an NGO is structured and registered has an impact on its legal status.Steps to Developing a Bookkeeping System contd. Every NGO should have a founding document such as a Constitution or Memorandum and Articles of Association. PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo. 1.com . accountability and transparency.

who is the governing body. and how it raises its funds.     The constitution describes. the objects of the organisation and target group. amongst other things: the name and registered address of the NGO. PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo.Organisation Chart Contd. its powers and responsibilities.e. the system of accountability – i.com .

com .Steps to Developing a Bookkeeping System contd. 2. Developing a budget A budget is derived from an organisation‟s: Vision  Mission  Goals  Objectives  Strategies  Activities  PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo.

com .Steps to Developing a Bookkeeping System contd. 3. Developing a financial accounts structure based on:  Chart of Accounts  Cost Centres Chart of Accounts The Chart of Accounts is probably the most important organising tool for the accounting and reporting processes. PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo.

donations and membership fees PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo.com .   NGOs buy a wide variety of goods and services to help achieve their objectives They also receive different kinds of income – grants. The chart of accounts is a list of codes representing different categories or groups of transactions carried on by an NGO.Chart of Accounts contd.

it helps to „sort‟ the different types of income and expense into a series of predetermined categories.Chart of Accounts contd. when a transaction takes place. it is recorded in the books of account and categorised according to the guidance held in the Chart of Accounts (see fig 1) PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo.com . Then. To make sense of all of this financial activity.

Thus every cost item concerning the fund‟s activities is listed under that code. PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo.com . This is known as fund accounting and requires that such fund will have a separate code.Cost Centres Restricted funds must be accounted for seperately to demonstrate to the donor how the funds have been utilised.

com .Steps to Developing a Bookkeeping System contd. Developing a finance manual A finance manual is a document containing the financial policies of an NGO. 4. A financial policy is a rule governing the handling of an NGO‟s finances. It includes a Statement of Delegated Authority which describes everyone‟s financial roles PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo.

com . WHAT FINANCIAL POLICIES DO WE NEED? An overall Financial Policy will contain policies that relate to a number of areas such as:    Donor or income policies (e. non-budgeted expenditure) PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo.Developing a finance manual contd. deposits) Budgeting policies Expenditure policies (e. requisitions.g. receipts. payments. amounts.g.

utilisation. class of airfare or hotel. car hire. per diems) Auditing policies Assets policies (e.g. purchasing. maintenance and disposal – vehicle policies go here). Petty cash policy Salary policy Staff loans Opening and operating a bank account.What financial policies do we need contd.com . PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo.        Travel policies (e.g.

PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo. Clarify why the policy is needed.com  . and they need to know in advance what money will be available for them). We need a per diem policy because staff are doing regular work out of town.g. Write a short paragraph or sentence to explain the need. (e.While developing the policy:  Make sure you have enough information to develop the policy.

Note these in writing. This policy is intended to ensure consistency. “Per diem” means daily allowance.g.g.com . What do you want the situation to be as a result of having the policy? (e.) Clarify the purpose of the policy. consistency).g. (e. transparency.   Clarify organisational principles that underpin the policy (e.While developing the policy contd:  Define any terms that need defining. PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo.

Write this down. PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo. All staff traveling out of town overnight on project business). (e.com   . This was always decided on an ad hoc basis before.g. Write a short paragraph/sentence that does this. (e. Clarify the existing situation.g.) Put it all together and then circulate the draft policy for feedback.While developing the policy:  Clarify who the policy will apply to.

See Appendices for samples of a financial policy and schedule of delegated authority.com . PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo.

To keep accurate books. we need to have the following:  A bank account with a cheque book. Steps to Developing a Bookkeeping System contd.com . Keeping Financial Records Our financial records will be most beneficial when we keep accurate books of accounts.5. PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo.  A daily record system with receipts and petty cash vouchers.  A monthly record system with a petty cash book and a cash book for recording and analysing income and expenditure.

you may not receive a receipt or issue one. Instead. the transaction will be recorded in your bank statement.Every financial transaction must go through the following steps:   The transaction (money is spent or received) takes place. The transaction is recorded in writing as proof that it has taken place. then you will receive confirmation in a print-out. If you pay by cheque.com . This could be in the form of a receipt issued by you for money received. or are paid by cheque. PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo. If the payment is electronic. or a receipt issued to you by the supplier when you pay for something.

For all money received and spent. A summary is made of all transactions and written in a monthly statement.   The transaction is then recorded in an accounting book.com . A summary of all transactions for the year is written in an annual statement. this record will be in the cash book (either manually or on computer). PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo.

PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo. and  Annual basis.Keeping the books Here we will go through the checklists for the bookkeeping activities that need to be done on a:  Daily  Monthly.com .

Maintaining a petty cash system with petty cash vouchers.DAILY  The bookkeeping tasks that need to be done daily are:     Receipting incoming money.com . PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo. Banking (depositing the money that has come in). Writing cheques based on approved cheque requisition forms.

Standard forms to use for daily record keeping:  Receipt Voucher (for receiving every incoming money)  Payment Voucher (for ALL expenses made)  Travel and Subsistence Expenses claim  Bank Reconciliation  Journal Voucher PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo.com .

Standard forms to use for Monthly record keeping: Cashbook  Bank statements  Bank reconciliation forms.com .  PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo.

enter details in the journal into the cashbook Use the analysed cashbook to produce an income and expenditure statement. 2. 4.Accounting Procedures: 1. 3. 5.com . PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo. Issue receipt vouchers for money received Issue payment vouchers for money paid out Enter details of the above transactions in a journal At the end of the month.

g.  Prevent misuse of money.Why should we keep books? Organisations and projects keep books to:  Provide an accurate account of financial management practices to stakeholders. replacement of major equipment)?  What do we owe and own at the moment? (from the balance sheet).  Why are our assets worth so little/so much?  Are we spending too much on any item relative to the work being accomplished?  Is our financial position healthy? (Can we continue to operate and do the work we are supposed to do?)  Do we have a good distribution of sources of income? (Are we too dependent on one source?)  Are any cash flow problems likely to occur? If so. what can we do about them? PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo.  Financial reports generated by your bookkeeping system should enable you to answer questions such as:  Are there variances (differences) between the budget and actual income and expenditure? If so. why? Do we need to take action?  Are donor grants being spent as intended? If not.com .  Part of keeping the books is to provide monthly and annual reports to management and leadership on the finances of the organisation.  Provide a management tool for organisational and project leadership and management. This should be done in a way that is user-friendly for non-financial managers and leaders. why not?  Is most of our money being spent on programmes as opposed to core costs?  Are there any items for which we are not allocating enough money (e. The information provided should enable the management and leadership of the organisation to make decisions about the running of the organisation.

PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo.  The organisation can show that the money is being spent on its aims and for the particular work it was intended to cover.com .Roles in financial control and accountability Financial accountability in a civil society organisation means that:  Regular financial reports are given to all those who have a right to know what the organisation is doing with its funds.  The organisation can account for funds by producing documentary proof of receipts and payments.

 The organisation has taken all necessary precautions to prevent misuse of funds. PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo. Financial accountability in a civil society organisation means that:  The organisation does not take on financial obligations it cannot meet.com . and to keep funds and records relating to them safe.Roles in financial control and accountability contd.

com .Principles of financial control    Control over finances should be divided up so that one person does not have too much control or power over the money. and no overlaps that make it possible for one person to blame another and avoid responsibility. You must be able to trace mismanagement or abuse to a particular person or people. PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo. It should be clear who is responsible for each task or area of activity. There should be no grey areas in terms of who is responsible for what.

com . approved by your highest governing body. Anyone working directly on a project or programme should understand its financial statements. Who makes what decisions should be included as written financial policy. should understand financial statements and be able to monitor them. a bookkeeper should not make decisions about non-budgeted expenses. PRESENTATION BY JOSEPH WACHIRAjose10105@yahoo. People should have the necessary skills to carry out their roles and responsibilities. Financial statements should be discussed at governing body and staff meetings. Train people if necessary. Everyone from at least the level of middle management up. for example. So. and including members of the governing structures.   Decisions about finances should be made at the right level.

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