FInancial Management Policy

FINANCIAL MANAGEMENT POLICY OF FBTF

1. Introduction

This Financial Management Policy establishes the principles, procedures, and responsibilities guiding the management of all financial resources of Future Bridge Tech Foundation (FBTF).
It ensures that funds are handled with transparency, integrity, accountability, and in full compliance with applicable laws, donor requirements, and internal controls.

As a non-profit organization dedicated to bridging educational, technological, and social gaps, FBTF recognizes that sound financial management is essential for maintaining stakeholder trust, achieving program goals, and sustaining long-term operations.

2. Purpose

The purpose of this policy is to:

·         Ensure responsible and transparent management of all financial resources.

·         Provide clear procedures for budgeting, accounting, reporting, and auditing.

·         Safeguard assets from misuse, fraud, or mismanagement.

·         Establish accountability among officers, staff, and volunteers involved in financial transactions.

·         Meet the compliance requirements of partners, donors, and regulatory agencies.

3. Scope

This policy applies to:

• All Board members, management, staff, and volunteers of FBTF.
• All funds received, disbursed, or managed by the Foundation, whether from donations, grants, partnerships, or internally generated sources.
• All financial activities conducted at national, project, and program levels.

4 Guiding Principles

FBTF’s financial management shall be guided by the following principles:

1. Accountability: Every financial transaction must be authorized, documented, and traceable.
2. Transparency: Financial records and reports shall be open to internal and external review.
3. Integrity: All officers must act honestly and, in the Foundation’s, best interest.
4. Value for Money: Resources must be used efficiently and cost-effectively.
5. Compliance: Adherence to all statutory requirements, donor conditions, and internal controls.
6. Equity and Sustainability: Financial decisions should support long-term impact and equitable resource allocation.

5. Financial Principles

FBTF shall adhere to the following key principles in financial management:

1.      Accountability and transparency in all financial dealings.

2.      Separation of duties to ensure adequate internal controls.

3.      Value for money and cost-effectiveness in all expenditures.

4.      Compliance with statutory, donor, and regulatory requirements.

5.      Ethical conduct and zero tolerance for fraud, corruption, or misuse of funds.

6. Financial Oversight Structure

7. Budgeting and Planning

1. FBTF shall operate on an annual budget approved by the Board of Directors before the start of each fiscal year.
2. Each department or project must submit a budget proposal aligned with the Foundation’s goals and programs.
3. Budgets must reflect all expected revenues, expenses, and contingencies.
4. Any budget revision or reallocation above 10% of an approved line item must be reviewed and approved by the Executive Director and endorsed by the Board.
5. All budgets must integrate sustainability and cost-efficiency measures.
6. The Board of Directors shall review and approve the annual budget before implementation.
7. All program or project budgets shall align with the Foundation’s strategic objectives.
8. No expenditure shall be incurred unless it has been budgeted for and approved.

8. Accounting Records and Documentation

1. FBTF shall maintain an accurate, computerized accounting system or other approved software.
2. All accounts must comply with International Public Sector Accounting Standards (IPSAS) for NGOs.
3. Each transaction shall be supported by an official receipt, voucher, or invoice.
4. Financial records must be retained for at least 7 years in secure physical and electronic formats.
5. Bank reconciliations shall be conducted monthly and reviewed by the Finance Officer and Executive Director.
6. Petty cash shall be maintained on an imprest system with strict limits and documentation.

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9. Internal Controls

9.1 Adequate internal control measures shall be established to safeguard the Foundation’s assets and ensure accuracy of financial information.
9.2 No single individual shall control all aspects of any financial transaction.
9.3 All payments must be supported by duly authorized documentation such as requisitions, invoices, and receipts.
9.4 Bank reconciliations shall be conducted monthly by the Finance Officer and reviewed by the Executive Director.
9.5 The Board Finance Committee shall periodically review internal controls to ensure compliance.

10. Bank Accounts and Cash Handling

10.1 FBTF shall maintain official bank accounts and mobile money wallets (e.g., MTN Merchant, Telecel Cash) registered in the Foundation’s name, approved by the Board.
10.2 All financial accounts shall be maintained and reconciled by the Finance Officer, under the supervision of the Executive Director.
10.3 Cash withdrawals shall be minimized. Payments above GHS 10,000 shall be made electronically or through bank transfer.
10.4 Cash received must be deposited into an official account within 48 hours of receipt.
10.5 Cash advances shall be liquidated within five (5) working days after completion of the activity.
10.6 No personal or unregistered accounts shall be used for Foundation transactions.
10.7 Official mobile money wallets shall be managed by a single authorized officer appointed by the Executive Director and reconciled monthly by the Finance Officer.

11. Expenditure Authorization

• All expenditures must be supported by approved requisitions, purchase orders, and receipts.
• Unauthorized or undocumented expenditures are strictly prohibited.

All expenditures must be supported by proper documentation and approvals in line with these thresholds.

12. Procurement and Payment Procedures

12.1 Procurement of goods and services shall follow the approved Procurement Policy of the Foundation.
12.2 All payments shall be made based on duly approved invoices and requisitions.
12.3 Payments shall be processed only after goods or services have been satisfactorily delivered or verified.
12.4 Every payment transaction shall have a corresponding receipt, voucher, and authorization trail.

13. Financial Reporting and Auditing

13.1 The Finance Officer shall prepare monthly financial statements for management review.
13.2 Quarterly and annual reports shall be presented to the Board of Directors.
13.3 The Foundation’s accounts shall be audited annually by an external auditor appointed by the Board.
13.4 Audit findings and recommendations shall be discussed by the Board and implemented promptly by management.

14. Asset Management

14.1 All assets purchased by the Foundation shall be recorded in an Asset Register.
14.2 The Finance Officer shall ensure periodic verification of all assets.
14.3 Disposal of any asset shall require written approval from the Executive Director and the Board.

15. Audit

1. FBTF shall engage independent external auditors annually, appointed by the Board.
2. The audit report shall be reviewed and approved by the Board and shared with key stakeholders and donors.
3. Internal control reviews may be conducted periodically to ensure compliance and risk mitigation.
4. The Executive Director shall implement all audit recommendations promptly.

16. Financial Risk Management

FBTF shall maintain measures to minimize risks, including:

1. Segregation of financial duties.
2. Insurance coverage for major assets.
3. Internal checks before disbursements.
4. Monitoring of donor fund utilization to prevent ineligible spending.

17. Donor and Grant Management

1. All donor funds shall be managed according to signed grant agreements.
2. Donor-specific accounting records must be maintained separately for tracking.
3. Expenditures must align strictly with approved budgets and reporting templates.
4. Donor funds shall not be co-mingled with internal funds.

18. Fraud Prevention and Reporting

1. Any suspected or actual financial irregularity must be reported immediately to the Executive Director or Board.
2. FBTF shall maintain a zero-tolerance policy toward fraud, theft, or misuse of funds.
3. Whistleblowers shall be protected from retaliation.
4. Confirmed cases of fraud shall be subject to disciplinary and legal action.

19. Financial Transparency and Disclosure

1. Key financial information (annual reports, audited statements) shall be made accessible on the Foundation’s website and in annual reports.
2. Donors and partners shall receive timely updates on fund utilization and impact achieved.

20. Review and Amendment

This policy shall be reviewed every three (3) years or as deemed necessary by the Board to reflect changes in laws, regulations, or organizational growth.

21.0 Compliance and Review

21.1 All staff and volunteers are expected to comply fully with this Financial Management Policy.
21.2 The policy shall be reviewed every two (2) years or as required by the Board.
21.3 Any amendments to this policy must be approved by the Board of Directors.

Approval

This Financial Management Policy was reviewed and approved by the Board of Directors of Future Bridge Tech Foundation on this 17th day of October 2025.