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FINANCIAL CONTROL POLICIES

Policy

Procedure

Responsibility and Review Date

Book-keeping and Accounts

Books of Account shall be maintained under the supervision of the Treasurer.

 

All documents and vouchers (including invoices, contracts and other legal agreements) (“Documents”) that evidence income, costs or  liabilities shall be kept safe and treated as confidential.

Documents shall be archived as required by law under the supervision of the Secretary General.

 
The authorised accountants are SBB, who shall report to and liaise with the Treasurer. SBB shall have authority to handle those documents required for accounting purposes. The President, Treasurer and Executive Director shall hold prime responsibility for the collection and safe-keeping of those documents that they each may handle. Documents that are to be archived shall be handed over to the Treasurer. 
 

Treasurer

 

 

Treasurer

Reporting to Members

Art 4.3 – there shall be a General Assembly (GA) at least once each year

Art 6.1 & 6.2 – Financial Reporting

 

 

 

 

Art 6.3 – independent scrutiny of accounts

 

Date of each GA and the agenda shall be determined by the Board – currently held each autumn. Notice period is 60 days per Art 4.3.

Annual accounts shall be:

– prepared by SBB, of LEUVEN as accountants suitably qualified under Belgian regulations;

– be ready for approval of the Board by end of April each year

– be accompanied by a certificate of examination per Art 4.11;

– be posted on the organisation’s web site immediately following adoption by the members in General Assembly.

 

An examination of the annual accounts and the books and vouchers supporting the same shall be :

-certified by SBB (as above), such certificate to be attached to the annual accounts for issue to members;

-be posted on the organisation’s web site (see above).

 

 

 

SBB – review annually

 

 

 

 

Reporting to Statutory Authorities

All requirements for filings shall be made within due date and shall include:

Annual Financial Accounts – Belgium

Annual income tax return– Belgium

Annual return of contractors – Belgium

 

TVA/VAT returns – Belgium

 

 

Filing with relevant authorities:

 

  • Due by 31 May each year. Duty delegated to SBB (as above)
  • In line with Belgian requirements and deadline. Duty delegated to SBB (as above)
  • In line with Belgian requirements and deadline. Duty delegated to SBB (as above)
  • SBB will make quarterly VAT returns in line with Belgian financial requirements.

 

 

 

 

 

SBB

 

 

SBB

Reporting to Board

The Board shall receive reports, at least 7 days in advance of each Board Meeting, from:

The Treasurer, regarding  Financial Information;

 

The Executive Director or a relevant Project Managers, upon request, regarding the financial cost/budget of project(s) they propose/manage

 

 

 

  • Responsibility of the Treasurer; to be issued prior to the relevant meeting, covering the activity since the last report and the balance sheet position as at a date that is within two months prior to the date of the relevant meeting.
  • Written synopsis of proposed projects, along with projected costs, should be circulated to the Board in advance of meetings at which the item is on the agenda.

 

 

 

 

Treasurer

 

 

Executive Director or project manager

Banking Arrangements

Opening and closing of accounts shall be under the authority of the Board.

 

Operation of the accounts shall be by persons authorised by the Board and communicated to the relevant bank as it may require (Bank Mandate).

Payments (including internal transfers between accounts) shall require the joint signatures of mandated persons if the amount exceeds euro €1500

 

 

The Treasurer shall keep under review the credit and service quality of the relevant banks.

Where possible banks shall be mandated to send hard copies of bank account information direct from the relevant bank to any examining accountant, tax or financial advisor previously appointed by the authority of the Board.

 

Bank mandates shall be signed, on behalf of the Board, by at least two officers [one of which, where possible, should not be a signatory to the account].

 

The Treasurer shall review bank mandates annually to ensure fitness of purpose, and report findings to the Board.

 

Payment authorisations (as set out in a bank mandate) shall be:

-any one authorised signatory, who must not also be a beneficiary of the payment, up to euro €1,500

– any two authorised signatories jointly, for amounts exceeding euro €1,500, neither of whom must be a beneficiary of the payment.

See also Payments Procedures.

The Treasurer shall make a report in writing in advance of all Board Meetings, and a more detailed review of financial procedures at least annually.

Such mandates for information may be arranged by any one person authorised by the Board by the relevant bank mandate.

 

 

 

 

 

 

As appropriate

Authorisation of Expenditure (not payments, see below)

Art 6.2 – annual budget authorisation by the General Assembly

 

 

Authorisation of expenditures within individual projects prior to commitment of the organisation shall be delegated to the Executive Director.

 

 

 

 

Authorisation of core and incidental costs identified by the annual budget to be incurred by the organisation shall be delegated to the Executive Director

 

Each annual budget;

-shall be the responsibility of the Executive Director– working with the Treasurer and SBB;

-be available for consideration at the board meeting preceding the GA each year;

-be presented to the GA each year for adoption.

The budget, as adopted by the GA, shall be the authorisation to the Board to implement the projects and costs so identified.

Where the Board has agreed to delegate a person, other than the Executive Director, to manage a specific project and the Executive Director has approved the particular items of expenditure within that project, that person may/shall then:

– contract with third parties to deliver the required goods or services for that project;

– ensure that there is documentary evidence of the contract and its cost (at the time of commitment); and

-ensure receipt of proper tax invoice(s) prior to any request for payment.

 

The Executive Director shall arrange (directly or through other officers) that:

– any necessary contracts with third parties to deliver the required goods or services are negotiated within budget;

– documentary evidence of contracts and their costs exist at the time of commitment, and receipt of proper tax invoice(s) exist prior to  making any payments .

 

Payment Arrangements (not Authorisations , for which see above)

Contracts of Employment of Executive Director

 

Contracts within a project

 

 

Contracts or payments for core costs

 

 

Tax liabilities (other than TVA/VAT included on invoices) shall be authorised by the Board prior to payment.

 

Expense claims

 

 

By bank transfer to the relevant previously agreed bank account against invoices (usually monthly) authorised as payable by one of the Treasurer or the President.

By bank transfer to a relevant and previously agreed bank account against invoices authorised as payable by one of the Treasurer/Executive Director/President.

 

By bank transfer to a relevant and previously agreed bank account against invoices authorised as payable by one of the Treasurer/Exec. Director/President.

 

SBB shall:

-keep the Board informed of any potential tax liabilities; and

– bring to the attention to the Executive Director, to be relayed to the Board, any determined tax liability to be authorised for payment.

See separate P&P document

 

 

 

 

Treasurer/Executive Director/President– as required

Bye-Laws

Per Art 5.16 – power to issue bye-laws

 

 

Where any policy or procedure is not specifically covered by the Statutes then such P&P shall be deemed to be a bye-law under Art 5.16

Subject to the above no bye-laws are in force

 

EFNA is registered in Belgium as an Association Sans But Lucratif (ASBL) #0543319269 | Website by www.bizify.ie

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