Financial Management Policy

Guardians of Vision Foundation is a non-profit organisation registered in Nigeria as an Incorporated Trustee under Part F of the Companies and Allied Matters Act (CAMA) 2020. The Foundation is committed to empowering children and adults with disabilities and delivering community development programmes across Nigeria.

Sound financial management is the bedrock of organisational credibility, donor confidence, and long-term sustainability. This policy establishes the financial management framework within which the Foundation operates. It defines how funds are received, recorded, approved, spent, reported, and audited, and sets out the responsibilities of every person who handles or oversees Foundation finances.

This policy is consistent with the requirements of CAMA 2020, the Nigeria Not-For-Profit Governance Code (NFPGC) 2023, the Federal Inland Revenue Service (FIRS) requirements for non-profit organisations, and the Special Control Unit Against Money Laundering (SCUML) reporting obligations applicable to civil society organisations in Nigeria.

The purpose of this policy is to:

• Provide a clear framework that builds confidence with donors, grant funders, and partner organisations.
• Ensure compliance with Nigerian legal and regulatory requirements for non-profit organisations.
• Support the preparation of accurate financial records and statutory annual returns.

This policy applies to all persons who manage, handle, authorise, or have oversight of Foundation finances, including:

This policy covers all financial activity including income from founders and trustees, voluntary contributions, donations, grants, and any other source of funds, as well as all expenditure on programmes, logistics, medications and medical supplies, administration, and any other operational cost.

Guardians of Vision Foundation currently operates on a self-funded model. All programme costs to date have been met through the personal contributions of the founders, trustees, and board members, with occasional voluntary financial support from unpaid volunteers. The Foundation is actively developing the capacity to receive external grants, donations, and institutional funding.

All accepted sources of funding must be consistent with the Foundation's values and charitable objectives. The Foundation will not knowingly accept funds from sources that are implicated in exploitation, human rights abuses, or activities that contradict the Foundation's mission.

Categories of Accepted Funding

Field Cash Handling Procedures

The Foundation shall minimise the use of physical cash wherever possible. Where cash transactions are necessary, particularly for field operations, the following controls apply:

TAAE Foundation is committed to maintaining accurate, complete, and up-to-date financial records at all times. Financial records serve as the primary evidence of how funds and resources entrusted to the Foundation have been managed and utilized, and are essential for accountability to donors, beneficiaries, partners, regulators, and other stakeholders.

The Foundation shall maintain appropriate financial records, including but not limited to:

• Records of income received, including donations, grants, sponsorships, and other sources of funding.
• Records of expenditures and payments made in support of Foundation activities and operations.
• Supporting documentation such as receipts, invoices, contracts, and payment vouchers.
• Banking records and reconciliations for Foundation accounts.
• Donor and funding records where applicable.
• Financial reports, budgets, and audit documentation.
• Other records required to demonstrate compliance with applicable laws, regulations, and donor requirements.

TAAE Foundation is committed to protecting the confidentiality, integrity, and availability of financial information while ensuring transparency, accountability, and responsible stewardship of all resources entrusted to the organization.

The Foundation shall prepare an annual budget that projects expected income and planned expenditure for each financial year. The budget shall be prepared by the CEO, reviewed by the Board Treasurer, and approved by the full Board of Trustees before the commencement of each financial year.

For each specific programme, outreach, or project, a programme budget shall be prepared in advance setting out the expected costs across all expenditure categories. Expenditure shall not substantially exceed the approved programme budget without prior authorisation.

The Board shall receive a financial report comparing actual income and expenditure against the approved budget at least every six months. Significant variances shall be explained and, where necessary, the Board shall approve a revised budget.

The Foundation is committed to independent financial oversight as a mark of accountability and transparency.

An internal financial review shall be conducted at least annually by a trustee or designated person who has no day-to-day involvement in financial transactions. This review shall assess whether financial records are accurate and complete, whether the approval processes have been followed, and whether there are any irregularities requiring further investigation.

As the Foundation grows and its income increases, the Board shall commission an independent external audit by a qualified auditor. Consistent with the NFPGC 2023, external audit firms shall not be retained for longer than ten years, and the Foundation shall ensure auditor independence at all times.

Audit findings and any management responses shall be presented to the full Board and retained on record.

The Foundation operates a strict zero-tolerance position on fraud, theft, bribery, corruption, and any form of financial misconduct. Financial misconduct includes misappropriation of funds, falsification of records or receipts, unauthorised transactions, accepting or offering bribes, and deliberate circumvention of financial controls.

Mandatory Board Protocol Upon Misconduct Report

A conflict of interest arises when a person involved in financial decisions has a personal, financial, or family interest in the outcome of that decision. All trustees, staff, and volunteers must declare any potential conflict of interest before participating in any financial decision or procurement process in which they have a personal interest.

A person with a declared conflict of interest shall withdraw from the relevant decision-making process. The conflict and the withdrawal shall be recorded in the minutes or financial records. This requirement applies equally to all levels of the Foundation, including the founders and trustees.

Where the Foundation receives funds that are given for a specific purpose, those funds are restricted and must be used only for that stated purpose. Restricted funds shall be tracked separately in the Foundation's financial records to ensure they are not mixed with general operational funds.

Where it becomes apparent that a restricted fund cannot be used for its original purpose, the Foundation shall notify the donor and seek written agreement before redirecting the funds. Restricted funds must never be used to cover general operating costs without explicit donor consent.

Guardians of Vision Foundation operates with a team of unpaid volunteers who give their time and skills freely. The Foundation deeply values this contribution. The following financial arrangements apply to volunteers:

• Volunteers are not entitled to payment or remuneration for their time.
• Volunteers who incur genuine out-of-pocket expenses directly related to Foundation activities may submit an expense claim for reimbursement, subject to the approval process set out in Section 7 of this policy.
• Volunteers who voluntarily contribute personal funds to support a Foundation activity shall have those contributions acknowledged and recorded as voluntary income.
• No volunteer shall be placed in a position of financial obligation to the Foundation.
• Where a volunteer is entrusted with Foundation funds for a specific activity, the same cash handling controls set out in Section 6 apply in full.

Guardians of Vision Foundation ensures the continued effectiveness, relevance, and compliance of this policy with applicable laws, regulations, and best practices in nonprofit financial management.

Periodic evaluations occur in response to changes in the Foundation's operations, funding structure, regulatory environment, strategic direction, or identified financial risks.

This policy shall be implemented, monitored, communicated, and periodically updated. The Foundation's leadership shall ensure that appropriate financial controls, accountability measures, and reporting systems are consistently maintained across all programs and operations.

The Foundation remains committed to maintaining the highest standards of financial integrity, transparency, accountability, and responsible stewardship of resources entrusted to the organization.

This Financial Management Policy has been formally adopted by the Board of Trustees of Guardians of Vision Foundation.

The policy reflects the Foundation's commitment to sound financial governance, transparency, accountability, ethical management of resources, and compliance with applicable laws and regulations.

TAAE Foundation recognizes that responsible financial management is essential to fulfilling its mission of empowering Persons with Disabilities, strengthening communities, and creating sustainable opportunities for inclusion, independence, and development.

By adopting this policy, the Foundation affirms its commitment to ensuring that all financial resources are managed prudently, utilized effectively, and directed toward advancing the Foundation's vision of an inclusive society where Persons with Disabilities can thrive and reach their full potential.