Policy Objective:
This policy aims to ensure that Femaura Social Enterprise Ltd manages its financial resources transparently, efficiently, and in compliance with all legal requirements. The policy is designed to safeguard the organization’s assets and support accurate financial reporting.
Outcome:
The implementation of this policy will ensure:
- Compliance with all relevant legal and regulatory frameworks.
- Transparency and accountability in financial dealings to stakeholders.
- Efficient resource utilization to support organizational stability and growth.
Scope of the Policy:
This policy covers all financial transactions within Femaura Social Enterprise Ltd, including accounting practices, payments for services, payroll, and asset management.
Policy Details:
- Financial Reporting and Monitoring:
- Financial reports will be prepared monthly to include earnings from courses, consultations, and any other services.
- The CEO will review financial performance every three months to ensure alignment with short-term objectives and long-term financial health.
- Payment for Services:
- Services such as courses, one-on-one tuition, counselling sessions, Akashic Records consultations, and Sacred Activations consultations will be priced clearly on all promotional materials and the organisation’s website.
- Payments will be accepted via online transactions, credit/debit cards, and bank transfers to ensure a wide range of payment options for clients.
- Receipts (Email or Texts) will be issued immediately upon payment, and records will be kept for all transactions.
- Tax Compliance:
- Ensure adherence to tax regulations by accurately reporting income from all paid services and payroll.
- File all necessary tax documents annually or as required by law.
- Payroll Management:
- As the organization plans to hire new staff, establish payroll procedures compliant with current employment laws.
- Salaries and wages will be disbursed on a regular monthly basis.
- Procurement and Expenditure:
- Implement a transparent procurement process for any purchases or outsourcing required by the organization.
- Major expenditures must be approved by the CEO and documented thoroughly.
- Asset Management:
- Maintain an accurate register of assets, updating it annually or upon the acquisition or disposal of assets.
- Handling of Donations and Voluntary Contributions:
- Document and acknowledge all donations and voluntary contributions with official receipts.
- Ensure donations are used according to the donors’ intentions and organization’s mission.
Enforcement and Review:
- The CEO will be responsible for enforcing this policy, monitoring compliance, and handling any discrepancies or issues.
- The policy will be reviewed annually to adapt to new financial practices, changes in the legal landscape, or strategic adjustments in the organization.
Effective Date:
This policy is effective as of 7 May 2024 and will be communicated to all volunteers, staff, and relevant stakeholders.