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Financial Management of Grant Funds Rotary Foundation

Financial Management of Grant Funds Rotary Foundation. To familiarize Rotarians with the expectations and requirements of the donors and to assist clubs to achieve compliance with expectations and requirements. Objectives.

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Financial Management of Grant Funds Rotary Foundation

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  1. Financial Management of Grant FundsRotary Foundation

  2. To familiarize Rotarians with the expectations and requirements of the donors and to assist clubs to achieve compliance with expectations and requirements. Objectives

  3. Assurance that donated funds are spent effectively and for the intended purpose of the grant. Encourage donors to continue giving to Rotary. Donor’s Expectations

  4. Supervision of projects by Non-Rotarians (Rotarians provide assurances of Honesty, Integrity, Leadership, Capacity and completion of projects) Mismanagement of funds Lack of participation by Rotarians Lack of project sustainability beyond grant funds (Rotarians provide Leadership, Business Acumen, and success to project) Donor’s Concerns

  5. Notify the Foundation of any irregularities or change in the purpose or conditions of the grant. Seek written authorization before any change is implemented The Foundation will investigate any irregularity or material change noted in the reports Warning

  6. Failure to comply with the requirements of the grants and or the Foundation could result in: Demand of funds to be returned Demand the mismanaged portion to be returned Suspension of the Club from receiving grants up to 5 years Destroying the Goodwill of the community, the reputation of the club and its members to effectively manage grant funds Warning

  7. Effective Management of Project Funds Misuse of funds Poor or improper investment of funds Assure Rotarian capacity and leadership Completion Sustainability If project is to be implemented by a third party, provide to the Rotary Club assurances of its capacity to implement the project successfully. Project funds remains in the custody of Rotarians. Responsibilities Of Rotary Clubs

  8. Establish/Select an Implementation Committee of Rotarians (Rotarians provide assurance and guarantee of success) Set clearly the grant goals/purpose Set milestone/post to monitor implementation Set guidelines for Purchasing Payments Accounting Records Reporting Organize Project Implementation

  9. Set guidelines for completion of project Changes Delays Trouble Shooting Set clear responsibilities Organize Project Implementation

  10. Manage the project according to Best business practice The Four Way Test Best Accounting Practices To demonstrate transparency, no conflict of interest To assure compliance with grant purpose and conditions. To provide adequate evidence of compliance To provide timely, meaningful reports of the project and management of funds. Organize Project Implementation

  11. Bank accounts should be Authorized by the club Clearly identify club and project All payments made by cheques Cheque require the signature of 2 Rotarians (involved in project) Bank accounts should be reconciled monthly. Retained. Ledgers, Journals or Program should be open Best Business Practice

  12. Purchase Bids should be obtained for major purchases (min. 3) Bids should be presented to the project committee Minutes of meeting should at minimum detail Compliance of Bids to request as to quality, price, time & service Selection and award to successful bidder Authorization of purchase Best Business Practice

  13. Receipt of Goods/Service Issue properly authorized Purchase Order Upon receipt of Good/Service – Proof of Verification and certification of good/service Purchase Order – quality, quantity and price Proper authorization for payment Photos Best Business Practice

  14. Payment Present payment request with the following attachments. Project Committee Approval Purchase Order Proof of receipt Proof of verification and certification Photos 2 Rotarians must sign cheque Obtain receipt of payment and make copies of all attachments for Project Report Club Report Foundation Report File Record disbursement in Journal/Ledger/computer Record receipt of donation. Make needed copies Best Business Practice

  15. Prepare Monthly Reports Accounting Reports Attach receipts, disbursements, etc. Project Progress Report compared to mile post/goals of implementation Note exceptions and problems Provide explanations If needed seek guidance and help (Rotary and Rotarian reputation are at stake) Best Business Practice

  16. Prepare Completion Report Within 2 months of completion If project is beyond 1 year, reports should be prepared at a minimum of 12 months intervals Best Business Practice

  17. Retain records for Projects for 5 years Smile, you have provided adequate evidence to assure the Donors, the Foundation, the Club, the Rotarians and the Community that all project funds were Managed effectively Utilized to achieve the purpose of the grant Best Business Practice

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