Financial Governance Policy

The International Family Foundation (IFF) remains perpetually accountable to its partners and stakeholders. Accordingly, in addition to being very efficiently governed, it is as well binding on IFF to act responsibly and lawfully in all matters related to its finances and financial management processes. Financial governance denotes the entire processes that coordinate and manage IFF’s financial procedures.

The Executive Council actively seeks to prevent fraud and corruption in all activities of the Foundation. Good financial governance ensures efficient utilization of IFF’s resources, through sound, stable and accountable financial practices that comply with extant laws and regulations, in line with professional best practices. IFF shall carry out all financial activities following standard accounting principles and shall consistently demonstrate top rate financial governance through accountability to members, partners, funders, beneficiaries and other stakeholders.

This brief introduction outlines the key elements of the Financial Governance procedures.

These four processes will be adopted.

1. Keeping records
2. Internal control
3. Budgeting
4. Financial reporting

1. Records / Bookkeeping

The basics of all accounting are basic records that describe earnings and spending. This means the contracts and letters for funds received and the receipts and the invoices for funds expended. These basic records prove that each and every transaction has taken place. They are the cornerstones of being accountable. The Finance Directorate ensures all these records are properly documented, carefully filed and kept safe. An organisation with proper book / records keeping mitigates against financial recklessness.

Action Points

• All request for funds must be in writing with an approval process in tandem with organizational structure.
• All financial activities shall be properly documented and will be subjected to review and reconciliation periodically as agreed by the board.
• Account(s) opened with well-established banks and all payments/ deposits will be via cheques and or various forms of transfers to ensure accounts reconciliations.

2. Internal Control

The Finance Directorate places checks and balances to ensure proper controls to guard against financial mismanagement and misappropriation. Best control measures are adopted to suit our peculiar operations. The Finance Directorate has developed a control policy to encompass all financial activities of the organisation. 

This includes:

1. Approval / authorization processes put in place with individual or joint limits for control purposes by the Executive Council.
2. Strict adherence to organisational fiscal budgets.
3. Monitoring the inflows and outflows.
4. Maintaining a uniform and seamless global financial structure
5. Annual financial audit by a reputable firm.
6. Monthly reconciliations of banks’ activities.
7. Compliance policy put in place to monitor projects and activities.
8. Taxation: A tax team constituted to see to tax matters where and when necessary.

3. Budgeting

The financial year period is set by the IFF Executive Council and annual consolidated budget (comprising all departmental budgets) presented to it by the Finance Directorate. All financial activities are undertaken following strict adherence to organisational budgets.

1. The Finance Directorate itemizes the annual projects and corresponding budgets.
2. Ascertains revenue generation from different sources, including Members’ periodic dues.
3. Establishes and reviews funding options both locally and internationally.

4. Financial Statements/ Reporting

Annual financial reports and statements are issued after the conclusion of year end audit, to highlight the performance and stand of the organisation. This assists in planning for subsequent financial years.