MOI Financial and Administrative Department completely recognizes the full power of Procedures for Chart of Accounts, Budgeting, Cash Management,Financial Reporting, Fixed Assets & Inventory Management. The Financial and Administrative Department will generally contribute to the efficiency and effectiveness of MOI’s performances towards reaching its objectives. The Financial and Administrative Department shall be appropriate to all funds received and managed by MOI in spite of its source of funding, whether it is revenues generated through grants, memberships, donations and sales. The purpose of Financial and Administrative Department is also to provide all service units/departments with systematic, comprehensive strategy of policies, procedures and practices necessary for procuring supplies, materials, equipment, or services required for departmental operations.
The Financial and Administrative Department is responsible for performing all administration and finance, including
- The administration department is important because it interconnects the entire MOI
- The admin department works directly with all other departments smoothly; it is mid-term role that
involves setting up meetings, making travel arrangements and plays the achievers’ role. - Implementing ministerial finance policies.
- Preparing annual budgets and final accounts in collaboration with the relevant administrative
departments. - Participate in the procurement tender processes in line with ministerial policies.
- Preparing financial documents and transactions
- To establish appropriate accounting systems and prepare timely and accurate financial reports.
- Financial and Administrative Department classifies the accounting categories according to its main activities and environment.
- Financial and Administrative Department considers the nature of the Institution and planned the Chart of Accounts of the Institution accordingly.
- To separate project funds, MOI shall develop accounting categories for each funds.
- To set up transparent and accountable cash management process to avoid frauds and thefts in the institution.
- To make sure efficiency of cash management, MOI will use all types of cash systems; cash receipt, cash disbursement, petty cash and cash advances methods.
- To arrange a transparency process for MOI financial reports well timed, satisfactory and truthful.
- To minimize potential theft and fraud and establish reliable stock and inventory management system for the institution.
- The storekeeper will confirm and accept the goods and records the goods in Supply Control Sheet then storekeeper will store the goods properly in the safe place.
- To establish annual audit and to maintain credibility of the institution among stakeholders.