SLTTC-Funds Management and Policy Statement

Purpose

This policy governs the responsible, transparent, and accountable management of all financial resources received for the implementation of SLTTC activities. It ensures compliance with both donor expectations and international standards of financial integrity.

Core Principles

1. Purpose-Specific Use of Funds
   all funds received from NADEUM or other partners must be used exclusively for project-related purposes as defined in the approved budget and activity plans. Any deviation must be pre-approved in writing by the donor.
2. Prohibited Uses
   Funds shall not be used for personal expenses, political contributions, religious activities (unless explicitly allowed), or any activities not directly related to the project scope.
3. Transparency and Record Keeping
   1. All financial transactions must be clearly documented with original receipts, invoices, and appropriate approvals.
   1. Accounting records shall be maintained using internationally recognized standards (e.g., IFRS or IPSAS for nonprofits).
   1. Monthly reconciliation of bank and cash balances must be conducted.
4. Internal Controls and Segregation of Duties
   1. No single individual shall have complete control over all aspects of financial transactions.
   1. Roles must be segregated between those who authorize, process, and record financial data.
   1. Expenditures above a set threshold shall require dual approval.
5. Regular Financial Reporting
   1. A quarterly financial report (income and expenditure) must be submitted to NADEUM and other stakeholders.
   1. Annual financial reports shall include a statement of financial position, cash flow, and a project impact summary.
6. Auditing and Monitoring
   1. Independent audits shall be conducted annually or as requested by the donor.
   1. Project coordinators must cooperate fully with internal and external auditors.
   1. Findings must be addressed within agreed timelines.

• Anti-Fraud, Anti-Corruption and Whistleblower Protection
  • Any suspected misuse, fraud, or financial misconduct must be reported immediately.
  • Whistleblowers shall be protected from retaliation.
  • An investigation will be conducted promptly, and disciplinary or legal actions will be taken if needed.
• Donor and Legal Compliance
  all financial activities must comply with donor agreements, national laws of Sierra Leone, and international financial best practices.
• Ethical Conduct and Professionalism
  All SLTTC team members must operate with the highest standards of ethics, professionalism, and accountability, as outlined by the RPG-A and NADEUM codes of conduct.

Acknowledgement:
Acknowledgement and Agreement to the SLTTC Funds Management Policy I, the undersigned, hereby declare that I have read and fully understood the Funds Management Policy Statement of the Sierra Leone Technology Training Centre (SLTTC). I agree to adhere strictly to its principles, including the ethical use of funds, transparent record-keeping, donor compliance, and all outlined accountability measures.