Financial Policy
FDCC invests 100% of donations received into the operation and capital requirements of the orphanage. While the Cambodian staff receive salaries, all Australian Board members do not charge for their time and travel to Cambodia at their own expense.
FDCC has established a financial and accounting policy that applies rigorous procedures and controls in relation to the financial management of FDCC. This policy applies to the directors, all committee and sub-committee members and all paid and unpaid volunteers of FDCC. Audit and other compliance measures are instigated from time to time to ensure that the policy is being complied with. The policy objectives are:
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To ensure that monies and trust monies for FDCC are disbursed for bona fide purposes.
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To ensure FDCC donations are accounted for appropriately.
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To ensure overall excellent accounting records of all financial transactions for FDCC that will allow the organisation to be externally audited at any given time and to allow accurate financial reports to be produced at the end of each month and financial year. FDCC has adopted MYOB NFP Accounting software in both Australia and Cambodia, and the Australian Board accountant has trained local Cambodian staff in appropriate financial management and accounting.
All money raised is held in our Australian bank account. Funds for operating expenses are transferred on a monthly basis while funds for capital purchases are transferred as requirements demand.