Financial Policies

Financial policies cover the handling and management of the non-profit’s finances, including accounting practices, financial reporting, budgeting, and cash management.

Financial Policy of MIWIBO Foundation Uganda Organization

6.2.1 Purpose

The purpose of this financial policy is to establish guidelines for the management and oversight of the financial affairs of MIWIBO Foundation Uganda Organization.

6.2.2 Budgeting and Planning

MIWIBO Foundation Uganda shall prepare an annual budget for approval by the Board of Directors that reflects projected income and expenses. The budget shall include adequate funds for all programs and services. Any material deviation from the budget shall be approved in advance by the Board of Directors.

6.2.3 Financial Reporting

MIWIBO Foundation Uganda shall prepare monthly financial statements that present the financial position, results of operations, and cash flows of the organization. The financial statements shall be reviewed by the Board of Directors and management, and any material variances explained and addressed. In addition, MIWIBO Foundation Uganda shall prepare an annual audited financial statement that complies with Generally Accepted Accounting Principles (GAAP) and is presented to the Board of Directors and made available to the public upon request.

6.2.4 Internal Controls

MIWIBO Foundation Uganda shall maintain a system of internal controls to ensure that financial transactions are properly authorized, recorded, and reported. The system of internal controls shall include:

1. Segregation of duties: No single individual shall have complete control over all financial transactions.

2. Documentation: All financial transactions shall be supported by appropriate documentation, including invoices, receipts, and bank statements.

3. Audit trail: All financial transactions shall be tracked using a system of internal controls that can be audited by an independent third-party.

6.2.5 Investment Policy

MIWIBO Foundation Uganda shall invest its funds in accordance with guidelines established by the Board of Directors. The investment portfolio shall be diversified, subject to reasonable liquidity, and managed in accordance with industry best practices.

6.2.6 Fundraising Policy

MIWIBO Foundation Uganda shall conduct fundraising activities in accordance with all applicable laws and regulations. Fundraising activities shall be conducted in an ethical manner, with donors treated fairly and transparently. All donations shall be properly receipted and recorded in accordance with GAAP.

6.2.7 Conclusion

This financial policy shall be reviewed annually by the Board of Directors and updated as needed. It is the responsibility of MIWIBO Foundation Uganda’ management team, under the guidance of the Board of Directors, to ensure that this policy is followed and that the non-profit financial affairs are managed with the highest level of integrity and transparency.