Financial Management Policy

1. Our Commitment & Purpose of Policy

Guardians of Vision Foundation (GVF) is committed to managing all financial resources with the highest standards of integrity, accountability, transparency, and stewardship.

As a registered humanitarian, non-profit organization, we recognize that every donation, grant, sponsorship, and contribution entrusted to us carries a responsibility to use those resources efficiently and exclusively to advance our mission of preventing avoidable blindness, restoring sight, and improving access to quality eye care.

We are committed to ensuring that all financial transactions comply with applicable laws, regulatory requirements, donor agreements, and internationally accepted principles of financial management.

Purpose of this Policy:

• Promote transparency and accountability.
• Safeguard the Foundation’s financial assets.
• Ensure proper planning, budgeting, expenditure, and reporting.
• Strengthen public confidence in the Foundation.
• Support compliance with legal and regulatory requirements.
• Demonstrate responsible stewardship of donor and partner resources.

2. Scope of Policy

This policy applies without exception to:

3. Financial Principles

Guardians of Vision Foundation is guided by the following principles:

• Accountability: Every financial decision must be properly authorized, documented, and capable of independent verification.
• Transparency: Financial records shall be maintained accurately and made available for internal review, donor reporting, and statutory requirements where applicable.
• Integrity: Foundation funds shall only be used for approved charitable purposes consistent with our mission and strategic objectives.
• Stewardship: We are committed to ensuring that every donation and grant delivers the greatest possible impact for the communities we serve.
• Value for Money: The Foundation seeks to obtain quality goods and services through fair, competitive, and cost-effective procurement practices.

4. Sources of Funds

The Foundation’s financial resources may include:

• Individual donations
• Corporate sponsorships
• Grants from foundations and development partners
• Contributions from philanthropists
• Fundraising campaigns
• Institutional partnerships
• Income generated from activities permitted by applicable laws and the Foundation’s governing documents

All funds received shall be properly recorded and acknowledged.

5. Budgeting & Financial Controls

Annual and project-specific budgets shall be prepared to guide the effective use of financial resources. Budgets will support strategic priorities, reflect realistic projections, be reviewed and approved prior to implementation, and be monitored regularly. Project funds shall only be used for approved budget items.

Financial Controls Maintained:

• Proper authorization of expenditures.
• Separation of financial responsibilities where practicable.
• Maintenance of complete accounting records and secure custody of cash and documents.
• Regular reconciliation of bank accounts and proper transaction documentation.

6. Procurement & Financial Reporting

Procurement: The Foundation is committed to fair, transparent, and cost-effective procurement practices. Purchases must support project objectives, be based on quality, value, and suitability, follow approved procedures, and be supported by appropriate quotations.

Financial Reporting: Financial reports accurately reflecting the use of funds and project implementation will be prepared timely for the Board of Trustees, Donors, Funding Partners, Regulatory Authorities, Auditors, and Project Stakeholders.

7. Asset Management, Audits & Zero-Tolerance Fraud Policy

Asset Management: Medical equipment, vehicles, computers, office equipment, and outreach materials shall be properly recorded, protected, maintained, and used exclusively for authorized activities. Loss or damage must be reported immediately.

Audits & Reviews: The Foundation supports periodic financial reviews and independent audits to strengthen governance and provide assurance to partners.

8. Donor Funds & Record Retention

Donor Funds: Funds received from donors, sponsors, and grant-making organizations shall be used solely for the intended purposes. The Foundation honors donor restrictions and provides transparent programme reports.

Record Retention: Financial records shall be maintained securely for the required legal duration and protected against unauthorized access, alteration, or destruction.

9. Policy Contact & Governance Commitment

This policy is reviewed periodically to ensure alignment with best governance practices. For inquiries relating to our financial management practices:

Through strong financial governance and responsible stewardship, we will continue to uphold the trust placed in us and maximize the impact of every donation entrusted to our care.