Peter Hewitt Care for Africa Foundation Inc (CfA) intends to apply for membership of the Australian Council for International Development (ACFID). It is an ACFID requirement for CfA to have a Finance Policy in place and CfA endorses this requirement.
The purpose of financial management in the operation of all CfA activities is to fulfil the organisation’s mission in the most effective and efficient manner and to remain accountable to stakeholders, including clients, partners, funders, employees, and the community. In order to accomplish this, CfA commits to providing accurate and complete financial data for internal and external use by the Chief Executive Officer (CEO) and the Board of Directors.
The Board of Directors is ultimately responsible for the financial management of all activities.
3.2 Signatories to Accounts and Expense Cheques
In conformity with abovementioned, the CEO shall be an authorised signatory to accounts and expense cheques up to $1,500.00; thereafter, signatories to accounts and expense cheques require two signatories, comprising either the Chairperson and Treasurer, or the Chairperson or Treasurer and the CEO.
The CEO shall:
The Board of Directors shall:
3.4 Financial Transactions with Insiders:
No advances of funds to employees, officers, or directors are authorised.
In no case shall CfA borrow funds from any employee, officer, or director of the organization without specific authorisation from the Board of Directors.
3.5 International Transfer of Funds:
International transfer means a funds transfer from a source account to a foreign beneficiary account in accordance with an international transfer instruction.
Money transferred from the Australian Bank Account is transferred in USD to a Foreign beneficiary account at Tarime local Bank CRDB account held in the name of A Obedi and D M Butler in trust for CfA
All funds to be transferred above $1,000 AUD must be authorised by the CEO and ratified by the Board.
The CEO shall be an authorised signatory to accounts and expense cheques up to $1,500.00; thereafter, signatories to accounts and expense cheques require two signatories, comprising either the Chairperson and Treasurer, or the Chairperson or Treasurer and the Executive Officer.
Where payment is made by electronic funds transfer, authorisation to effect the transfer shall be deemed as given if an electronic mail message consenting to the transfer is received from the electronic mail addresses on file in the Foundation’s records for the authorising persons who would sign and countersign the payment if it were a cheque.
In order to ensure funds are not lost due to currency fluctuation, CfA is aware of and will practice hedging as appropriate.
This will help with budget projections as CfA will be able to predict its cash flow and distributions in future payments. As CfA is dependent on public donations, it recognises it must protect assets from foreign exposure.
In order to ensure that planned activities minimise the risk of financial jeopardy and are consistent with board-approved priorities, long-range organisation goals, and specific three-year objectives, the CEO shall:
3.7 Gift Acceptance:
CfA will accept stock or other negotiable instruments as a vehicle for donors to transfer assets to the organization. Transfer and recording the value of the asset shall be done in a consistent manner and in compliance with accounting standards. The CEO shall sell any stock given to the organization immediately upon receipt by the organization.
CfA shall accept contributions of goods or services other than cash that are related to the programs and operations of CfA. Any other contributions of non-cash items must be reviewed and approved by the Board of Directors before acceptance.
In order to ensure that the assets of CfA are adequately protected and maintained, the CEO shall:
CFA-P27.V1 Finance Policy
Effective Date: 20 September 2020
Approved By: Board of Management.
Controlled Document — Printed Versions are not controlled. CFA