Financial Policy

Policy and Title: Funds collected at Global Business Roundtable and its Activities. 

Effective date : 1 January 2013 
Objective : To govern the use of funds deposited into the GBR Account.
: To govern the parameters for receipt and collection of funds 
: To provide guidance in process of record keeping and preparation of Annual Financial Statements 

Collection of Funds
The following will apply to all funds that are collected as donations at sessions and all funds collected as money for sponsorship 
  • Offering will be collected at all sessions conducted in a formal setting. 
  • All Branches/Chapters shall appoint a member of the executive of good repute and knowledgeable on financial issues to be responsible and accountable for the chapter/branches accounts. 
  • This person shall as a minimum nominate one other person to serve with them in the finance department for the purposes of accountability. 
  • When funds are received as offering 2 people shall count the money and will fill in the amounts received onto an official count sheet. 
  • The amounts will be counted by one individual and recounted for verification by the other individual who on confirmation will note the amounts and fill in their names and sign that the amounts are accurate. 
  • All funds will then be held by the executive member who will be accountable and responsible for the safe custody of the funds and will deposit these funds into the GBR account within 48hours of receipt which account details will be communicated by the National Head of Finance . 
  • All Sponsorship funds will be received as direct deposits into the account and the executive will avoid receipt of cash unless this is unavoidable. As prescribed above; all funds will be received and recorded by the executive responsible for finance and deposited within 48 hours. 

Banking Procedure 
The following will apply with regards to the making of deposits into the GBR Account 
  • All deposits of funds received as offering will be deposited as cash within 48 hours of receipt. 
  • Do not use and transfer but deposit the amounts to allow for reconciliation. 
  • For offering; each branch will be given a code to act as their specific reference for offering deposits. 
  • All deposit slip copies and count sheets will be scanned and emailed to an email address as provided by the head of finance after the payment is made for accounting purposes. 
  • For social events funds may be collected from Branch/Chapter members and these funds will be deposited into the account on receipt and those making payment will hold a copy of the deposit slip as proof of payment 

  • A standard requisition form will be created and circulated to the Branches/Chapters for use for requesting funds as a soft copy. 
  • Each Requisition will have a chapter code on the top right corner and the finance executive will produce the requisition per request with a running number format starting from 0001 
  • The requisitions will be submitted to the Finance department and each requisition should be signed by the Finance executive and the Head of Chapter prior to submission to the Head of Finance  
  • Requisitions will be paid once a week and should be submitted at least 7 days prior to the Wednesday they are required. 

  • The department uses a centralised payment system where all payments are made directly to suppliers from the central office as far as possible. 
  • For a payment to be made the following should have been presented: 
    • 3 Quotations as far as is possible for all expenditure above R5000, submitted a minimum of 14 days prior to funds being required 
    • Invoice submitted at least 7 days prior to the payment being made on the Wednesday. 
    • Receipt should be submitted to the head office (by fax or e-mail) after collection of goods or provision of payment or clearing of funds, and it should also be filed for internal records. 
  • Where payments are made to an individual to meet costs these funds will only be paid if the above criteria is and will be met. 
  • No payments are to be made using funds that are collected from offering prior to these funds being deposited. All funds received must go through the bank process. 

  • This shall apply where personal funds are used to pay for a service or product that is deemed a reasonable expenditure for the functioning of the Chapter. Poor planning can and will not be mitigated by the use of personal funds with the hope of reimbursement. 
  • For reimbursement to occur the subject must file a requisition which states the use of the funds and submit a quote, invoice and receipt as proof of the usage of funds 
  • All reimbursement will be paid on the day when payments are made. 
  • The Finance department reserves the right to refuse to reimburse or only reimburse partly where the expenses are unjustifiably high or illogical. 

Record keeping 
  • All branches to maintain an file with audit trail for audit purposes 
  • Payments: The Invoice, quote and proof of payment (deposit slip) must be filed in sequential order of days. 
  • Offering Collected: The count sheet signed by all relevant parties as explained above must be filed together with the deposit slip. This should also be filed in sequential order of days. 
  • Sponsorships: A copy of letter of sponsorship must be filed together with the proof of payment from the sponsor. Financial Statements 
  • Financial records will be done monthly and Annual Financial Statements will be reported annually. 
  • Each Global Business Round Table is responsible to prepare their own Annual Financial Statements, and the Head Office of each country will prepare Consolidated Annual Financial Statements for all Round Tables in that country. 
  • The Financial yearend for each Round Table shall be 31 December each year. 
  • A financial reporting template for daily recording of Income and Expenses which will also be used for monthly reporting to Head Office of each country. 

Petty Cash 
Financial Policy | Payment Portal