Financial Management Policy

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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 around them.
  • 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 Southern Africa Youth Project spends accordingly and on time as per specified with its partners and donors
  • Southern Africa Youth Project has and always appoint competent financial individuals to account and audit all the Financial Management of all funds and assets.
  • Southern Africa Youth Project ensure that it appoints auditors and accountants who do annual audits and financial management verifications to ensure that Southern Africa Youth Project is compliant regulations, Public Finance Management Act, and the legal frameworks that the company follow
  • Southern Africa Youth Project maintain adequate financial resources to sustain the quality of services throughout successive periods of its operations
  • Budgetary and Financial Management procedures implemented in a manner which ensure that The Chief Executive Officer Vision and Mission achieve.
  • The Chief Executive Officer has full control over the organisation’s funds and assets. An asset register maintained and manage by the Administration Unit or Monitoring and Evaluation Unit
  • An annual budget of expenditure drawn up and approve, by The Chief Executive Officer or management team has responsibility for Strategic Management at the time, before implemented which the budget accepted.
  • Detaille statements of expenditure against budget could maintain during the financial year on an excel spreadsheet and Wave Accounting.
  • Persons made has a responsibility for the financial management of the organisation’s funds and assets held accountable for funds or assets that misuse or misappropriate.
  • Financial Management Unit manages purchasing activities by establishing an approve suppliers list, which maintained to ensure that only reputable organisations use when buying goods or services.
  • Suppliers of goods or services evaluate and approve before any order place, and a record maintained on the basis by which suppliers approve.
  • Purchase orders place on suppliers contain a clear description of the goods or services require and reviewed and approved by The Chief Executive Officer, or delegate representative, before issue.
  • The Financial system shall include, always, a record of invoices dispatched (with ability to note receipts) on Wave Accounting. The register update daily.