Financial Management Systems 1 Financial Management Systems Yearly

Financial Management Systems 1

Financial Management Systems Yearly Action Plan & Budget Release of Funds Imprest Account Advances and Expenses by Administration Accounts Settlements Out-Station Participation Formats and Registers Finance Monitoring Committee 2

Yearly Action Plan & Budget Programme Coordinators prepare their Yearly Action Plans. The Yearly Action Plan and budget requirement are put up for approval in the Managing Committee during the month of March. 3

Release of Funds for Programmes are released according to indications made in the Monthly Plan of Action The Accounts Department releases funds in favour of the concerned Programme Coordinator after placing at CMT. Only Programme Coordinators are authorised to draw funds. Requisition for Programme Advance is produced at Accounts Department. Funds are released after these procedures. 4

Imprest Account The Coordinator, Administration shall keep an Imprest Amount of Rs. 5, 000/- for meeting sundry expenses. An Imprest Amount of Rs. 1, 000/- is kept with all Programme Coordinators for petty expenses. The Programme Coordinator should meet the expenditure on programme related meetings and any other petty expenses from the imprest amount of the respective department. 5

Advances and Expenses by Administration The Administrative Assistant shall make all purchases relating to stationery, programme material, office equipment and assets and place orders for printing only from suppliers approved by the Executive Secretary/ Finance controller after ascertaining the lowest rates in the market. All Admin. Advances should be settled within one week. Claims of expenditure incurred on local travel for administrative work should be settled by the Admin. Officer from the imprest amount within 48 hours of incurring the expenditure. Claims pertaining to expenditure on local travel for the purpose of programmes should be submitted to the concerned Programme Coordinator within 48 hours of incurring the expenditure. Programme Coordinators should make such payments from their imprest amount. 6

Accounts Settlements The coordinators shall settle accounts of the programme within one week of the programme. The requisite forms and the details therein to be submitted are available with accounts department for reference. 7

Out-Station Participation Requisition for purchase of travel tickets/ reservation should be given by staff members whose participation in out station programmes has been approved in the CMT Meeting. The Coordinator – Administration shall obtain advance from the accounts department on the basis of the requisition and settle the advance with the accounts department immediately on purchase of the travel tickets. The DA / TA admissible is as follows: a. Metro cities @ Rs. 300/- per day. b. Other cities & towns @ Rs. 200/- per day. Settlement of Travelling expenses on Out-station participation should be done through the Travelling 8

Formats and Registers Programme Advance (Cash Requisition) Form; Advance Settlement Form Material Requisition Form Programme Intimation Form Travel Indent Form Local Travel Claim Form. Traveling (Out Station) Expenses Claim Form. 9

Finance Monitoring Committee Chairperson Member : : : Treasurer of Managing Committee COVA Director, COVA Executive Secretary, COVA Finance Controller Senior Accounts Officer 10

Responsibilities The Committee monitors the financial position of the funds allotted on 2 nd day of every month. The Committee monitors the expenditure made over Rs. 2, 000/- having a proper justification and also sanctions the funds for conduct of forthcoming programmes. Funds requirement is also discussed and put for the information of other Coordinators in the Core Management Team Meeting which is held on every Monday. The Finance Controller scrutinizes the expenditure made by the Coordinators for all the programmes. All the Coordinators are instructed to clear the advances of programme before they take another advance and in all cases have to settle their accounts 11

Increments Committee A staff member shall be eligible for increment after completion of one year of service. Increments are awarded once or more than once a year (in April and in October) by an Increments Committee on the basis of the performance evaluation as detailed above. Managing Committee Constitutes the Increments Committee once every two years. The Increments Committee shall award increments at the following rate: 12

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