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(a) Financial resources of FOHRID
Financial resources of FOHRID are as follows:
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Membership fees,
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Monthly Levy from Executive body,
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Membership renewal fees,
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Grants and aids,
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Publication sale,
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Other miscellaneous resources.
(b) Financial System
Bank account of FOHRID is run in accordance with the provision in the FOHRID Statute. Chairperson, General Secretary, Treasurer and Programme Coordinator / Director sign the cheque. All financial decisions are made by Finance Committee. Finance Committee is chaired by Treasurer and Chairperson, General Secretary and Programme Coordinator / Director are members. It is obligatory to submit decision of the Finance Committee in the Executive Committee meeting that sits every three months; and the decision of the Executive Committee is submitted to the General Assembly.
(c) Internal Control
FOHRID has strongly applied the internal financial control system in the organization. Responsibilities and authorities as to various financial transaction and activities are distributed amongst the executives and members in such a way that they can be ensured to have been due and prudent. Many transactions involving amounts of substantial / material effect are authorized jointly by more than one member / personnel of the organization. Transactions of the organization are passed through a process fulfilling minimum required internal control and are duly supported by relevant documents. Activities transactions are cross-checked and cross-verified to ensure their existence, accuracy, prudence etc. FOHRID has written financial guidelines and all financial control systems are guided accordingly.
(d) Accounting System
All the capital and liabilities of FOHRID are kept under double entry book keeping system of accounts. Weekly and monthly trial balance of income and expenditure are prepaid and approved by the Finance Committee. General Assembly of FOHRID appoints registered auditor for the period of one fiscal year. Accounts is audited and report is submitted to the District Administration Office, Social Welfare Council and other relevant authorities. Necessary tax, if applicable, is paid according to the advice of the auditor. Necessary laws and policies have been followed by the organization.
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