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Introduction:

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Marium Foundation is dedicated to maintaining sound financial management practices, transparency, and accountability in all aspects of our operations. This Financial Controls Policy outlines our commitment to effective financial controls, accurate record-keeping, and responsible use of funds. Our goal is to ensure the proper stewardship of resources and maintain the trust of our stakeholders.

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Policy Statement:

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Marium Foundation is committed to maintaining strong financial controls that safeguard our assets, prevent fraud and mismanagement, and ensure compliance with financial regulations. We strive to uphold the highest standards of financial integrity and transparency in all our financial activities.

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Objectives:

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1. To establish clear and effective financial controls that protect the organization's assets and resources.

2. To ensure accurate and timely recording of financial transactions in compliance with accounting principles and regulations.

3. To prevent fraud, mismanagement, and unauthorized use of funds through rigorous monitoring and oversight.

4. To provide transparency to stakeholders by producing accurate and reliable financial reports.

 

Key Procedures:

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1. Budgeting: We develop an annual budget that outlines projected income, expenses, and allocations to various programs. Budgets are reviewed and approved by relevant stakeholders.

2. Financial Recording: All financial transactions are accurately recorded in a timely manner using standardized accounting procedures. Records are maintained securely and in compliance with relevant laws.

3. Authorization and Approval: All financial transactions, including expenditures, reimbursements, and disbursements, require proper authorization and approval by designated personnel.

4. Segregation of Duties: We ensure that no single individual is responsible for all financial processes, preventing potential conflicts of interest and enhancing internal checks and balances.

5. Banking and Reconciliation: Bank accounts are reconciled regularly to ensure accuracy and detect discrepancies. Bank statements are reviewed by authorized personnel.

6. Expense Review: All expenses are reviewed and validated against supporting documents before payment is authorized.

7. Audit and Review: Regular internal and external audits are conducted to ensure compliance with financial policies and regulations.

 

Communication and Training:

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All staff members involved in financial transactions are educated about their responsibilities, financial policies, and procedures.

 

Review and Revision:

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This policy is reviewed periodically to ensure its effectiveness, relevance, and alignment with evolving financial regulations and best practices. Necessary revisions are made to reflect changes in financial management practices.

 

Conclusion:

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Marium Foundation is committed to responsible financial management and transparency. By adhering to this Financial Controls Policy and its procedures, we maintain the highest standards of financial integrity, protect our resources, and uphold the trust of our stakeholders.