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Marsi
Joined: Apr 10, 2006
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week 2 question 3
October 28, 2006 @ 09:26 AM
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3. Who will be responsible for the management of finances (money) for the project? What are the basic principles you have adopted for managing the funds for the project? (Bank account, signatories, petty cash float, receipting, cashbook and ledger entries, etc.)
The Program Coordinator or someone given that specific responsibility of treasurer can manage the finance of the project. It is important to set up proper bookkeeping processes, so that expenditure never exceeds income.
Present a realistic budget! People usually know what things cost! Too low prices indicate lack of seriousness or knowledge. Too high prices usually indicate risk of bad management.
Count all costs and contributions, including contributions in kind. If needed, check if the sponsor has limits or regulations on how to count voluntary contributions or in-kind income.
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jon
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Re: week 2 question 3
October 31, 2006 @ 03:18 PM
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There is a specific section for the finance in every organization. The finance section has the data and information for the entire activities of the project. The finance is controlled by the different principles like bank account and cash book with ledger and balance sheet of any organization.
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