Community Networks and Education CIC (CNE CIC) is committed to maintaining accurate financial records and managing its finances in a responsible and transparent manner.
This policy outlines the financial procedures that CNE CIC will follow to ensure compliance with all applicable laws and regulations.
- Budgeting and Planning: CNE CIC will prepare an annual budget and financial plan that includes projected revenues, expenses, and cash flow. The budget will be reviewed and approved by the board of directors and will be used to guide financial decision-making throughout the year.
- Accounting and Recordkeeping: CNE CIC will maintain accurate and complete financial records, including income statements, balance sheets, and cash flow statements. All financial transactions will be recorded promptly and accurately in the appropriate accounts.
- Banking and Cash Management: CNE CIC will maintain a bank account for its operations and will manage its cash in accordance with the approved budget and financial plan. All transactions will be authorized by a designated individual and will be recorded promptly in the appropriate accounts.
- Financial Reporting: CNE CIC will prepare regular financial reports for the board of directors, including income statements, balance sheets, and cash flow statements. These reports will be reviewed and approved by the board and will be made available to stakeholders upon request.
- Purchasing and Procurement: CNE CIC will maintain a purchasing and procurement process that is transparent and competitive. All purchases will be authorized in advance and will be supported by appropriate documentation, such as purchase orders and invoices.
- Revenue Generation: CNE CIC will generate revenue through its educational services, and any other activities approved by the board of directors. All revenue will be recorded promptly and accurately in the appropriate accounts, and will be used to support the mission and objectives of CNE CIC.
- Internal Controls: CNE CIC will establish and maintain appropriate internal controls to ensure the integrity of its financial operations. These controls will include segregation of duties, approval processes, and regular audits and reviews.
- Compliance: CNE CIC will comply with all applicable laws and regulations related to financial management, including tax laws, accounting standards, and reporting requirements.
Community Networks and Education CIC (CNE CIC) is committed to managing its finances responsibly and transparently. This policy outlines the financial procedures that CNE CIC will follow to ensure compliance with all applicable laws and regulations. We expect all employees, contractors, and business partners to comply with this policy and to report any suspected or actual instances of financial impropriety to the appropriate authorities.