FINANCIAL MANAGEMENT

FINANCIAL MANAGEMENT

FINANCIAL MANAGEMENT

With the aim of ensuring an effective and transparent financial management, the board of trustees of Pro-Vision had adopted the financial policy evolved by a sub-committee of the trustees in consultation with experts in the field.The financial management in Pro-Vision is carried out as per the policy.

PURPOSE OF FINANCIAL POLICY

    • Record all financial transactions
  • Monitor and control expenditures
  • Satisfy statutory requirements and reporting
  • Ensure timely and accurate financial management
  • Report accurately to donors
  • Speed up the process of financial sustainability

ACCOUNTING POLICIES

For effective management, Double Entry System of accounting is followed. The day-to-day transactions are recorded at the monetary value of the goods or services or fair market value of the donated services.

FINANCIAL FILES, REGISTERS AND RECORDS MAINTAINED

The following files, registers, records, books or documents are maintained by Pro-Vision to ensure effective and efficient financial management.

  • Financial statements
  • Audited accounts
  • Budget file
  • Separate files for telephone bills, municipal taxes, water tax, electricity bills etc.
  • Income tax department / IT return related file
  • Register of Societies related file
  • FCRA / FC – 4 return related file
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