FINANCIAL SYSTEM

 

Financial control is generally exercised at three levels: the Governing Body, the Head Office and the respective Branch. Governing Body monitors all financial matters quarterly through Governing Body meeting. The Chief Executive exercise financial control based on monthly financial statements and the findings of internal auditors. At branch level, the managers exercise financial control on the basis of budget and financial projections. Financial transactions in the head office and branch offices are regulated with regard to following three areas: (i) field level transaction control, (ii) budgetary control, and (iii) accurate financial reporting.

Budget Formulation and Variance Analysis

The initial budget planning starts at the branch level. A yearly budget is split into monthly figures spelling out financial and program targets. All branch budgets are consolidated in the head office to formulate the organization’s aggregate budget. Financial monitoring is carried out monthly based on budget variance, MIS and FIS reports.

Income Tax Return Submission

Submission of income tax return is mandatory under government rules. The organization has been regularly submitting the returns to the government.