- The Board of Directors is responsible for administering the affairs of the organisation. The Board may exercise all powers and carry out all acts, including entering into contracts for which the organisation has the authority.
- The Board of Directors formulates financial policies, delegates administration of the financial policies to the Programme Manager and reviews operations and activities.
- The financial year of the organisation is 1st January to 31st December.
- TTTI Financial Statements are compiled using International Financial Reporting Standards (IFRS).
- The signing officers of the organisation are: Chair, Vice Chair, Treasurer and Secretary.
- Documents of the organisation approved by the Board, including any contractual agreement shall be signed by two signing officers.
- The Programme Manager has management responsibility including financial management and preparation of annual budget.
- The Accounts Officers are responsible to the Programme Manager for maintaining accurate accounting records and providing regular timely reports.
- The Officers are responsible for administering an in-house payroll system and preparation of payments for invoices received for accounts payable. They also monitor accounts and advances receivable to ensure that they are cleared within a reasonable time.
- The Officers are responsible for the timely remittance of payments to the government as required and are responsible for preparing any management\financial reports required. These include monthly financial reports for the Board, and any other reports as required by donors and the Board.
- The Officers are also responsible for preparing the audit information to assist the Auditor in the annual audit of TTTI’ financial information.
- Current job descriptions will be maintained for all employees, indicating financial duties and responsibilities.
- Financial duties and responsibilities must be separated so that no one employee has sole control over cash receipts; disbursements; payroll; reconciliation of bank accounts; etc.
Cheque Signing Procedures
- All cheques require the signatures of two signing officers.
- Cheques and all supporting documents will first be reviewed by an Accounting Officer to ensure that: a) the cheque is for money owed. b) the amount of the cheque agrees with the total amount on invoices being paid. c) the Programme Manager or Treasurer has signed the invoice to indicate that the goods or services have been received and to indicate the budget that is to be charged for the payment. d) there are sufficient funds available in the bank account.
- The payment will then be provided to the Board signing officer for review and signature. The signing officers will review to ensure that: e) the payments are in the ordinary course of business or are in keeping with general Board policy direction.
General Ledger Accounting
At the month end, an Accounting Officer produces reports for the Board. These include financial statements for each program and project in addition to the standard income statement and balance sheet.
The Accounting Officer also prepares a bank reconciliation to ensure the bank statement agrees with TTTI general ledger. If there are any discrepancies; the Accounting Officer will bring it to the attention of the Programme Manager. The Accounting Officer will make attempts to resolved any issues with bank within 30 days of error.
Adequate documentation will be maintained to support all general entries including journal entries, purchases and income transactions.