FFOU FINANCIAL MANAGEMENT

FFOU FINANCE COMMITTEE DISCUSSING 2018 BUDGET

Sources of Funds

  • Affiliation fee and development fund is payable by every member once.
  • Annual subscription fees is determined by the governing General Assembly.
  • Grants, gifts and donations from the government(s), International Associations Non-governmental Organizations, donors, well-wishers, other companies or Associations  with similar objectives from anywhere in the world and affiliates of the Federation.
  • The Federation it accept assistance but without diversionary motives attached, hitherto.
  • The Federation it receives donations, gifts or grants in acceptable situations and to deserving causes as decided by its Governing NEC.
  • Gifts, donations/grants is accepted on behalf of the organization by the recognized official representatives of the federation.
  • All donations, gifts, grants whether in cash or kind is entered in the Gifts/Donations/Grants Register.
  • The names and address of the donor, the description and the value or an estimate thereof, the date of the donations is entered for future reference.

Application of Funds

Subject to the provisions of the FFOU Articles and Memorandum of Association, after mobilization and acquisition of funds, the Federation utilize them to achieve the objectives and activities as herein stipulated.

Notwithstanding the declaration above, the funds is utilized for;

  • Support services for attaining the objectives of the Federation.
  • Organizing workshops, seminars and other activities.
  • Administrative expenses.
  • Any other purposes geared at promoting the objects, programs and activities of the organization.

All fees, subscriptions, incomes, donations, grants or any other funds is held on bank account(s) in the name of FFOU.

Funds not immediately required for the purposes of FFOU may be invested as directed by the Board.

The Board may not Commit FFOU to any expenditure or liability in excess of the funds available at the time of such decision except with the approval of majority of affiliates present at a General Assembly.

Funds of the Federation

  • The Federation derives its funds from collection of Affiliation registration fees, monthly subscriptions and may also receive any grants or subventions, donations, gifts, bequeaths and other, miscellaneous funds i.e. from sales of assets, special levies, consultancy services, publications, fund-raising activities and any other lawful means such as borrowing, among others.
  • The Board causes a bank account(s) to be opened and maintained in the name of the Federation and ensure that all funds belonging to the Federation are received by the Accountant and paid into the said bank account(s) within seven days of receipt of such money, provided that the Accountant permitted to retain a cash impressed which determined by the Board to pay minor expenses.
  • All cheques for withdrawals of money signed by the CEO, Accountant and the FFOU President and/or any other officer as the Board determine.
  • The Federation Head office remit five 50% of the Affiliate monthly contributions back to the FFOU Regional Offices for its operational costs of the District Offices and as determined by the Board from time to time.
  • The Accountant is permitted to receive and account for any cash impreset funds as approved by the FFOU President from time to time.
  • The Federation operates a separate bank account in case of any contributory provident fund or pensions fund scheme for the Federation in consultation with the FFOU President.
  • Loans or overdrafts may be obtained by three principal officers from commercial banks or from any other financial institutions subject to the maximum approved by the Board.

FFOU Auditors

  • The Federation’s account is audited each year by a professional auditor appointed by the Board.
  • The audited accounts and balance sheet for the previous financial year is presented to the Annual General Assembly for approval and adoption.
  • The rules of financial procedures adopted by the Board and include provision for the audit of the Federation’s accounts at all levels of its operations.

Inspection of Books of Accounts

The Auditor or any other officer delegated by the Federation FFOU President,  have powers under rules to conduct on spot audit inspection of books of accounts and bank accounts and  have powers to take preventive measures on behalf of the Board.

Any interested person may be accorded access to inspect the books and names of affiliates of the Federation upon a prior request to the FFOU President in a manner prescribed by the Secretariat.

Financial Year

The financial year for the Federation’s financial operations begins 1st January and end 31st December every calendar year.

Education Fund

There is an establishment within the Federation a separate fund known as “Education Fund”.

The purpose of the Fund is to facilitate the Federation Education and Training programs.

The sources of funds for this established Fund come from Federation contributions, Affiliates contributions, Donations, Fundraising, Education levy.

The monies from this fund shall be spent on the following;

Study materials, Participants allowances (subsistence), Tutors’ transport and subsistence, Library facilities, Scholarship sponsorship, Miscellaneous coordinating expenses.

The CEO, National Coordinator and Officer in charge of Education are accountable for all the expenditures incurred in executing the education programs under this fund.

The Federation opens a separate bank account for the funds in a bank to be decided upon by the Board.

The Federation operates a Development and Projects bank account(s) or any other account for the funds that are earmarked for a particular objective or project as determined by the Board from time to time.