Stakeholders Statements
The Foundation is highly aware of the importance of its stakeholders, and is committed to a relationship of caring and integrity.
Apart from the fundamental stakeholder areas of beneficiaries and volunteer workers, much emphasis will be focussed at donor care and management.
All major donors will receive regular financial reports, including audited annual financial statements, and where appropriate, detailed financial reports within the different core areas of social investment.
Application of Funds
A key principle in the foundation's management of funds is to limit the amount of cash transmitted directly into a beneficiary institution or organisation. The emphasis will be on supplying the goods or services required to meet identified needs. Beneficiary institutions or organisations will be given assistance in the preparation of the budgets, and the installing of basic cash management systems together with the proper control and issuing of stock supplies of food, medicines, cleaning materials, etc. The foundation will collate monthly the forward needs of food, medicines, etc., source such supplies centrally and distribute to beneficiaries according to pre-determined needs. Beneficiary cash requirements will be controlled on a strict imprest basis. Budget over-runs and variances will be investigated and reported upon.
Administrative Procedures Control
Standard procedures relevant to accounting and administrative systems will be developed in conjunction with the foundation's external auditors, and written into "Procedures Manuals" which will be used as the governing standard for day-to-day operations. Relevant "Sub-Manuals" will be supplied to each beneficiary organisation, and strict compliance to standard procedure is an absolute. |
