IWORDS Global has supported Garden of Hope (GOH) in the creation and development of its financial policies and procedures, with the purpose of establishing strong and good management practices. Having a financial policy will help the organization have efficient financial management, define strategies for risk mitigation, and align financial operations with its mission and long-term goal.
Garden of Hope has shared a set of parameters with its team that will guarantee consistency in the work carried out by the organization, as well as ensure principles of accountability, transparency, better information, and timely reporting for all related stakeholders.
The financial policies of GOH give information about proper ways of processing, controlling, distributing, and reporting financial data, as well as assures that resources are managed in line with the principles of the organization, standardized international and national practices, donors’ requirements, and legal practices. These types of policies and procedures will bring clarity to the roles and responsibilities within the organization, and this will allow them to increase accountability and make the team have a better understanding about the structure of Garden of Hope.
This Kenyan organization pays special attention to accounting procedures, as these procedures will guide internal and external daily activities. These policies also lay the groundwork that must be considered when formulating a sound, relevant, and realistic resource mobilization strategy.
Therefore, all procedures and actions that are necessary to guarantee the sustainability of the organization in the long term are explained in this document.It will serve as a reference that can be consulted by management, staff, volunteers, auditors, and stakeholders.
Additionally, it will be a monitoring and control resource, that will act as a safeguard of the organization’s assets. This document will be a checklist that will help identify weaknesses and strengths in the organization regarding management of resources.
GOH has created mechanisms and strategies that make the organization viable by generating diversified funds that allow it to continue operating. This document also includes criteria and measures to face new challenges, according to its current Strategic Plan. Furthermore, GOH establishes principles for developing a clear budgeting exercise that allows for an adequate forecast of the resources that will be needed to implement projects and activities.
As a non-profit organization, GOH needs to communicate and report the use of their resources, especially to its strategic partners and donors, as a way of ensuring transparency in its tasks and everyday work. Since all GOH members will follow the rules and regulations of the financial policies, it will have the visibility of a comprehensive non-profit organization. This Policy describes the type of information that could be shared with the general public or under any specific requirement.
Other topics included in GOH’s financial policies and procedures are related to banks accounts and transactions, cash transactions, agreements with donors and vendors, stock and inventory management (purchasing), among others.