< Policies and Privacy Home

Financial Management Policy

INTRODUCTION
Irreproachable management and use of donated funds and transparent, easily comparable financial reporting are central to the credibility of both Mukti NZ and Mukti India.

PURPOSE
Mukti NZ will maintain financial control systems which are adequate to the scale, capacities, and risks of the organisation.

SCOPE OF POLICY
This policy applies to all members of the Mukti NZ Council, as well as paid staff and volunteers.

RESPONSIBILITIES
The Operations and Donor Relations Manager is responsible for ensuring internal compliance with this policy on a day-by-day basis. The Treasurer is responsible for reviewing accounts monthly and Council members are responsible for reviewing accounts and ensuring compliance with the policy at Council meetings.

POLICY

Legislative Requirements

Mukti NZ will fulfil its financial responsibilities under relevant New Zealand legislation.

Financial Statements:

Mukti NZ will publish annual financial statements in accordance with the law.

Financial Auditing:

An audit or review will be carried out if required by law, or requested by the Council.

Internal Financial Controls Policy

1. 1. Detailed accounting records must be kept.
   2. Operations and Donor Manager, and Treasurer will record and monitor income and expenditure monthly.
   3. Council Members will monitor income and expenditure at Council Meetings.
   4. No internal or external loans will be given.
   5. Funds and resources must be controlled, properly invested and managed prior to their disbursement to Mukti India.
   6. Any expenditure over $5000 must be approved at a Council meeting.
   7. Financial procedures will be reviewed annually by the Treasurer, who will report to the Board procedural compliance with this policy and Charities Commission reporting standards.

Fundraising

Fundraising will be undertaken in good faith and in accordance with Mukti NZ’s Fundraising Policy and Sponsorship Policy.

Effective Use of Resources:

1. 1. Mukti NZ will effectively use resources and will minimise financial wastage in the planning and implementation of activities.
   2. Regular communication will be maintained with Mukti India to ensure effective use of donations from Mukti NZ.
   3. Mukti NZ will regularly report the use of funds raised.

Security of financial information

1. Mukti NZ will comply with New Zealand legislation for the purposes of gathering and securely storing personal and financial information.
2. Where required Mukti NZ will use accredited providers for gathering and storing personal and financial information.
3. Personal and financial information will only be used for the purposes for which it is given.