Humanitus Foundation Financial Management Principles

All board members of Humanitus commit to the following four principles in relation to the management and application of funds held in trust by Humanitus.

  1. Transparency
  2. Purpose
  3. Compliance
  4. Assets in trust (sole purpose)

Humanitus Foundation Management Policy

All financial dealings by Humanitus will be executed in accordance with the key financial management principles of the Foundation.

Transparency

  1. All financial transactions undertaken by Humanitus will be transparent
    • Fundraising - all fundraising will be conducted using a fundraising management template and proceeds will be applied immediately to the Humanitus account and appropriately referenced on the statement.
    • Disbursement - all disbursement of funds will be properly documented and referenced and receipts are required for all disbursements of US$10 or more, where receipts are not available Directors undertake to complete a disbursement receipt and provide to the Treasurer.
    • Financial Records - financial records will be appropriately maintained by Humanitus and mader available upon request of board members.
    • Transactions - transactions require the signatures of at least two Directors and copies of such authorisations must be retained by the Treasurer, all transactions must be conducted via the Humanitus account and not in cash.

Purpose

  1. All funds disbursed by Humanitus will have a measurable purpose
    • All funds disbursed by the organisation will be for the set purpose and receipts are required within 30 days of the funds being dispersed
    • Humanitus will not make grants of cash to partnered organisations unless the organisation is able to identify and substantiate the purpose and application of funds and provide receipts
    • Humanitus will not fund administrative costs of organisations with which it is partnered
    • Humanitus may by majority board agreement fund wages and/or training for staff members of Humanitus and it's partner organisations

Compliance

Humanitus will conduct itself in accordance with thelaws applicable in the nation in which it is undertaking activity.

  • Humanitus will comply with accounting standards
  • Humanitus will lodge all transactions and not make material transactions in cash
  • Humanitus will undertake due dilligence in financial management to ensure that funds disbursed are applied in accordance with the law

Assets in trust

  • All funds and materials raised by Humanitus are held in trust by the organisation and as such must not be held by individual members of the organisation.