Financial Management

NGOs need to keep the development and maintenance of proper financial management strategies a priority.  CPS’s finances shall be managed to ensure appropriate use of funds and accountability to members and donors.  To this end, CPS will:

  • Comply with business accountability and auditing practices generally accepted within the financial community
  • Set up appropriate financial systems and employ qualified persons to administer and manage these systems
  • Conduct annual audits
  • Have clear policies on loans and staff advances
  • Develop a policy regarding the receipt of outside honoraria and/or remuneration in order to avoid inappropriate payment
  • Set up mechanisms to ensure procedures for purchasing goods and services are free from vested interests of individuals in our organization and that they are cost effective
  • Prepare, monitor, and adhere to realistic project and organizational budgets.  Appropriate consultation should occur and any amendments be recorded whenever it is necessary to make budgetary changes
  • Formally and publicly charge members for any attempt at fraud, theft, or misappropriation
  • Ensure wherever possible that the funding base of the organization is diversified
  • Minimize fund-raising and administration costs
  • Develop and implement mechanisms to monitor the use of staff time
  • Ensure that fund provided are used for intended purpose only
  • Conduct periodic cost-benefit analyses of project and review resources allocations in the light of these analyses
  • Provide clear and transparent accounting to the broader membership and/or constituency of the organization