Policy Document: Finance and Account

Policy Document: Finance and Account

Organization: NATURALS CARE

Location: NEW DELHI-17

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Introduction:

The Finance and Account policy document outlines the financial management principles and procedures to be followed by NATURALS CARE. It aims to ensure transparency, accountability, and effective financial management practices within the organization.

Objectives:

a) To establish a robust financial management system.

b) To ensure compliance with applicable financial regulations and guidelines.

c) To promote transparency and accountability in financial transactions.

d) To enable effective budgeting and resource allocation.

e) To maintain accurate and up-to-date financial records.

f) To facilitate timely and accurate financial reporting.

g) To safeguard the organization's assets and resources.

h) To promote internal controls and risk management practices.

Financial Responsibilities:

a) The Finance Manager will be responsible for overseeing all financial activities and ensuring compliance with financial policies and procedures.

b) The Accountant will assist in financial record-keeping, including bookkeeping, payroll, and maintenance of financial documents.

c) The Executive Director will review and approve financial transactions and ensure adherence to financial policies.

Budgeting and Resource Allocation:

a) An annual budget will be prepared in consultation with program managers and approved by the Executive Director and Board of Directors.

b) Budget monitoring will be conducted regularly to track expenditure and ensure adherence to the approved budget.

c) Requests for budget revisions should be submitted in writing and approved by the Executive Director.

Financial Reporting:

a) Financial reports, including income statements, balance sheets, and cash flow statements, will be prepared on a monthly, quarterly, and annual basis.

b) Financial reports will be reviewed by the Finance Manager and presented to the Board of Directors for review and approval.

c) The organization's financial reports will be shared with relevant stakeholders, including donors, as required.

Procurement and Purchasing:

a) All procurement activities will adhere to the organization's procurement policy, which ensures fairness, transparency, and value for money.

b) A procurement committee will be responsible for evaluating suppliers, soliciting bids, and approving procurement decisions.

c) Purchase orders and contracts will be used for all significant purchases and should be authorized by designated personnel.

Cash Management and Bank Accounts:

a) All cash transactions should be recorded accurately and promptly.

b) Bank accounts will be reconciled regularly to ensure accuracy and identify any discrepancies.

c) Signatories for bank accounts should be designated by the Executive Director and approved by the Board of Directors.

Compliance and Auditing:

a) The organization will comply with all applicable financial regulations, including tax regulations and reporting requirements.

b) Internal and external audits will be conducted periodically to ensure compliance, identify areas for improvement, and provide assurance on financial management practices.

c) The Finance Manager will collaborate with auditors and facilitate the audit process.

Records Management:

a) Financial records, including receipts, invoices, bank statements, and supporting documents, will be maintained in an organized and secure manner.

b) Electronic and physical copies of financial documents should be retained as per legal and regulatory requirements.

Policy Review:

The Finance and Account policy will be reviewed periodically by the Executive Director and Board of Directors to ensure its effectiveness and alignment with changing organizational needs and financial regulations.

This Finance and Account policy document will serve as a guide for financial management practices within NATURALS CARE. It should be communicated to all staff members and stakeholders to ensure compliance and transparency in financial operations.

This is to certify that this broad policy has the approval of governing body

Dr. P.K. KHARE

NATURALS CARE

Email: naturalscareindia@gmail.com 

Mobile: +91 9891251245