Scholars Welfare Foundation Sialkot Pakistan: DUNS Number 645744736 & NCAGE Code SXN14 Ref pk 15015443777 dated Jan 15,2015. SAM Registration Process Completed and Validated.              Scholars Welfare Foundation believes in a world in which children, youth, women and teachers are valued and empowered their rights promoted and protected.
ANNUAL REPORTS, ACCOUNTS AND AUDITS

10.1    Procurement:

  • 10.1.1 The NGO will acquire three (3) quotations for all proposed purchases that are over one hundred and fifty thousands.
  • 10.1.2  This threshold shall be set by President, Senior Vice President, Vice President, Secretary  & 3 members of Executive Committee The NGO will acquire three (3) quotations for all proposed yearly service contracts.
  • 10.1.3  Any procurement in excess of one hundred and fity thousands must be approved by President, Senior Vice President, Vice President, Secretary  & 3 members of Executive Committee  Any procurement in excess of will be two hundred thousands will be put to public tender.
  • 10.1.4 The NGO will acquire three (3) quotations for all service contracts.
  • 10.1.5 The NGO will submit any purchases or contracts greater than one hundred and fifty thousands in value to a public tender.

10.2    Payments:

  • 10.2.1 Wherever possible, payments in excess of 20 thousands  should be made by bank cheque or online bank transfer.
  • 10.2.2 All cheques must be signed or transfers approved by two signatories.
  • 10.2.3 Officials current authorised to sign cheques or approve online bank transfers are:

1: President.

2: Secretary.

3:____________________________________

4:____________________________________

  • 10.2.4 Cheque should be signed or transfers approved only when all back-up documents have been attached like quotations, invoices, delivery receipts etc.

10.3    Bank reconciliation:

  • 1.3.1 Bank accounts for the previous month shall be reconciled at the beginning of every new month.
  • 10.3.2 All the entries on the bank statement shall be checked against back-up documentation recording income and expenditure (e.g. receipts, cheque stubs, cash logs etc)
  • 10.3.3 Reconciliations shall be done by President, Senior Vice President, Vice President, Secretary  & 3 members of Executive Committee
  • 10.3.4 Any problems should be reported to Finance Manager.

10.4    Externally funded projects:

  • 10.4.1 Project funds are restricted incomes that have been provided to accomplish particular goals. Under no circumstances should they be used for any purposed other than the purposes agreed with the funder and stated in the contract or other official documents.
  • 10.4.2 The project manager shall inform the leadership immediately if it becomes clear that a project cannot be satisfactorily completed. The project manager, under direction from the leadership, shall discuss the issue with the funder and offer to return any outstanding project funds as appropriate.
  • 10.4.3 Details of project expenditures shall be kept separate within the budgets, books and accounts to allow management to easily identify how much has spent and what amount of funds are remaining for outstanding project activities.
  • 10.4.4 It is the responsibility of the designated project manager to ensure that all project targets are met. Any targets that are likely to be missed should be highlighted and reported to the leadership. 
  • 10.4.5 It is the responsibility of the designated project manager to ensure that all project reports for donors are produced as required by the contract.    

10.5    Assets:

  • 10.5.1 All moveable physical assets worth in excess of 50 thousands  shall be marked with an NGO specific label.
  • 10.5.2 These assets should also be entered in an Asset Register which mentions the geographical location of assets.
  • 10.5.3 The asset register should be updated if the asset is transferred to the project site or other program facilities.

 

11.1    Financial Information

  • 11.1.1 The NGO shall produce a monthly Financial Information for Management report on 28th of each month.
  • 11.1.2 The NGO may utilise the blank template in the Finance Handbook Part 3: Annex 6.1
  • 11.1.3 The NGO will use the Corporate Budget, Project Budgets and NGO Ledgers to complete the monthly Financial Information for Management template.
  • 11.1.4 The NGO should complete the monthly Financial Information for Management report no later than the 25th of each month.
  • Finance Manager will be responsible for preparing the Financial Information report on a monthly basis.
  • 11.1.5 Finance Manger  will be responsible for presenting the report on 25th of the month to President.

President, Senior Vice President, Vice President, Secretary  & 3 members of Executive Committee will review the reports and based on the information presented and the impact this could have on the financial situation of the NGO will make strategic decisions, if required, to remedy the situation


13.1    Accounting and Management Statement

 

  • 131.1 The NGO shall produce a yearly Annual Report and Accounts in July  of each year.
  • 131.2 President, Senior Vice President, Vice President, Secretary  & 3 members of Executive Committee will be responsible for coordinating the preparation of the narrative section.
  • 13.1.3 President, Senior Vice President, Vice President, Secretary  & 3 members of Executive Committee will be responsible for coordinating the preparation of the financial section.
  • 13.1.4 President, Senior Vice President, Vice President,& Secretary will host an internal meeting to appoint an external Audit firm in December of each year.
  • 13.1.5 President, Senior Vice President, Vice President, Secretary  & 3 members of Executive Committee will be responsible for liaising with the external Auditors.
  • 13.1.6 Finance Manager will be responsible for presenting the combined draft Annual Report and Accounts in June to  President, Senior Vice President, Vice President, Secretary  & 3 members of Executive Committee will sign the final Annual Report and Accounts.
  • 13.1.7 Finance Manger  will be responsible to file the Annual Report and Accounts with Government entities in December of each year.
    Finance manger will be responsible to keep the original audited accounts and its backups in a safe and dry place.

 

 

 13.2    Audits

  • 13.2.1 The NGO shall employ the services of an Audit firm, or Licensed individual, to carry out an Audit, every year.
  • 13.2.2 Finance Manager  will be responsible for seeking quotations for an Audit and presenting these to. President, Senior Vice President, Vice President, Secretary  & 3 members of Executive Committee.
  • 13.2.3 President, Senior Vice President, Vice President, Secretary  & 3 members of Executive Committee will host an internal meeting to appoint an external Audit firm, or individual, by December of each year.
  • 13.2.4 President & Finance manger  will be responsible for liaising with the Auditors.
  • 13.2.5 Finance Manager will be responsible to coordinate, internally within the NGO, all matters of the Audit.
  • Finance Manager will be responsible for presenting the combined draft of the Annual    Report and Audited Accounts by June to President, Senior Vice President, Vice President, Secretary  & 3 members of Executive Committee will sign the final Annual Report and Audited Accounts.
  • 13.2.6 Finance Manager will be responsible to file the Annual Report and Audited Accounts with Government entities in June] of each year.   
  • 13.2.7 Finance Manager will be responsible to keep the original Audited Accounts and its backups in a safe and dry place.