FINANCIAL GUIDELINES AND REGULATIONS
Financial Guidelines and Regulations of Laseh Nigeria Limited
Financial Guidelines
- Budgeting: Prepare and approve annual budgets that align with organizational goals. The budget shall cover all recurrent and capital expenditures.
- Financial Reporting: Provide regular financial reports to stakeholders, including balance sheets, income statements, and cash flow statements.
- Internal Controls: Establish and maintain internal controls to ensure accurate financial transactions and prevent fraud.
- Financial Planning: Develop long-term financial plans that support organizational sustainability, progress, and development.
Financial Regulations
- Compliance: Comply with relevant laws, regulations, and standards, such as tax laws and accounting standards.
- Authorization: Require proper authorization for financial transactions, including approvals and sign-offs.
- Documentation: Maintain accurate and complete financial documentation, including records of transactions and financial decisions.
- Audit: Conduct regular audits to ensure financial integrity and identify areas for improvement.
- All financial transactions and advances by all officers must be well and clearly stated, documented, and retired as appropriate.
Financial Management
- Cash Management: Manage cash flows effectively, including forecasting, investing, and funding.
- Risk Management: Identify and mitigate financial risks, such as market, credit, and operational risks.
- Investment Management: Develop investment policies and strategies that align with organizational goals.
- Financial Performance Monitoring: Regularly monitor financial performance, including key performance indicators (KPIs) and metrics.
These guidelines and regulations provide a foundation for sound financial management and help ensure the organization's financial integrity and sustainability.
Imprest for All Major Stakeholders
The organisation shall release a token imprest periodically for all the stakeholders for call cards, data for organizational activities, and logistics. Each officer shall retire all imprests allocated to their offices before another imprest shall be approved. The imprest shall range between ₦7,000 and ₦10,000 depending on the organogram of the organisation. This shall be reviewed from time to time depending on the prevailing situation of the country.
Bonuses and Allowances
The organisation shall give bonuses and allowances to members of staff depending on the financial strength and state of the organisation.
