Underpinning the day-to-day financial management responsibilities of the Board, Executive Director, staff, partners and service providers are a series of Financial Management (FM) processes. These are based on a “Grant Recipient” approach as follows:
Purpose and objectives of the accounting system: The objectives of the grant recipient’s accounting system are:
# To record and classify all transactions accurately and completely
# To maintain a complete record of all:
- Revenue received
- Expenditure incurred
- Assets owned
- Liabilities due to third parties
# To report to donors on all required financial information
