Financial Management Policy

Financial Management Policy

Southern Africa Youth Project is a youth development organisation that aims at empowering the Youth through upskilling them to recognise and utilise opportunities that are around them.

  1. Southern Africa Youth Project has its own internal Financial Management Department which comprises of the following Chief Financial Officer, Financial Manager, Bookkeepers and projects funding specialists who ensure that the organisation spends accordingly and on time as per specified with its partners and donors
  2. Southern Africa Youth Project has and always appoint competent financial individuals to account and audit all the Financial Management of all funds and assets.
  3. Southern Africa Youth Project ensure that it appoints auditors and accountants who do annual audits and financial management verifications to ensure that the organisation is compliant in terms of regulations, Public Finance Management Act and the legal frameworks that the company should follow
  4. The organisation maintains adequate financial resources to sustain the quality of services throughout successive periods of its operations
  5. Southern Africa Youth Project staff have time allocated for specific projects and we would like to acknowledge that.
  6. All donors and partners have a period of 2 years to enquire about their projects finances. Southern Africa Youth Project provides receipts, invoices, bank statements and copy of records. Should the donor require any data from the second year.
  7. An hourly rate will be charged for any data required out of the project timeline.
  8. This is to limit donors from providing at no cost administration expenses for the organisation by requesting data after their projects have ended.
  9. Should a donor require the data a quotation for the hourly rate to recover all their information will be charged for any information they require.
  10. If the donor or partner would require information that is out of the project or partnership scope. The organisation will charge the donor an hour rate for doing an extra responsibility on behalf of the donor.
  11. We reiterate the cost is for the time to be spent as this is after the project has ended, closed or terminated.
  12. All donors are made aware that the organisation will spend the funds accordingly as it sees fits. Donors may not in return reject expenses made by the organisation.
  13. Budgetary and Financial Management procedures are implemented in a manner which ensures that the Southern Africa Youth Project’s Vision and Mission are achieved.
  14. Southern Africa Youth Project has full control over the organisation’s funds and assets. An asset register be maintained and be managed by the Administration Unit or Monitoring and Evaluation Unit
  15. An annual budget of expenditure be drawn up and approved, by the Southern Africa Youth Project or management team responsible for
  16. Strategic Management at the time, before being implemented, which the budget be approved.
  17. Detailed statements of expenditure against budget could be maintained during the financial year on an excel spreadsheet and Wave Accounting.
  18. Persons made responsible for the financial management of the organisation’s funds and assets be held accountable for funds or assets that are misused or misappropriated.
  19. Suppliers of goods and services are evaluated and approved before any order being placed, and a record is maintained.
  20. Purchase orders placed on suppliers contain a clear description of the goods or services required and be reviewed and approved by delegated representatives, before being issued.
  21. The Financial system shall include, always, a record of invoices dispatched (with ability to note receipts) on Wave Accounting. This record shall be updated daily
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