The Koinonia Trust Liberia Inc.
Back Road, Upper Caldwell, Monrovia, Liberia
Financial Policy and Procedures
This document describes the financial policy and the procedures governing the operations of The Koinonia Trust Inc.
- The Koinonia Trust shall received donations, grants, money and gifts that will enhance the operations and purpose for which the Trust was established.
- The Koinonia Trust shall have a bank account, which shall have the signatories of the following officials, the President, the Financial Officer, and the Founder.
- The Board of Directors of The Koinonia Trust Liberia Inc shall be given a quarterly financial report. Funding proposals and yearly budgets shall be approved by the board.
- Any financial transaction within the trust shall be done through an internal memo, said request shall be written clearly stating the purpose of the money, amount, date and signature of the person who made the request and department, with the person position where possible.
- All daily financial activities shall be approved by the President of the Trust.
- The office of the President should be served with a copy of all financial transaction receipts.
- Withdrawal from The Koinonia Trust account shall be approved by the President who is the chief administrator of the Trust, the President is the prime signature to the account.
- All gifts, donations, grants and money received must be specific, the purpose/reason(s), source of the item(s), money, date and received by whom with receipt .
- All donations, grants, aid etc received by the Trust shall be given with documentation, signed by the organisation who made the donation and the person who received the donation for or on behalf of the Trust. The said receipt shall clearly state the amount or items donated and the date.
- All financial transactions shall be done upon receipt.
- Any member of staff/volunteer or department head needing approval to collect cash must fill in an internal memo from the financial department through the financial officer.
- This request must at a minimum include a description of the purpose, justification of the need, the name and title, and the signature of the person who made the request,
- This request must be signed by the requester attested by the financial officer and approve by the President.
- All departments are required to used the cash register book, journal, inter-memo, and petty cash order slip to ensures all cash income and expenditure are disclosed in order for transparency. There shall be a daily expensive form recording the daily usage of fund the purpose, item (s) bought, both in United States Dollars (USD) OR Liberian Dollars (LRD).
- The financial officer shall keep a ledger of all the financial operations/transactions of the TRUST.
- The financial officer will maintain a current records and updates on all financial transactions, and shall make it available when requested by the President, or executives board through the office of the President.
- The financial department of the Trust shall be audited after every six (6) months by the executive directors.
- The yearly expenditure and income will be submitted to the accountant who will produce an end of year financial report.
- Any misuse or misappropriation of the Trust funds will lead to dismissal