SayPro Liaise with Financial Team.

SayPro Liaise with Financial Team

Objective: To collaborate effectively with SayPro’s financial team to ensure all accounting records related to fundraising, donations, sponsorships, and crowdfunding activities are up-to-date, accurate, and in full alignment with the audit process. This is in line with the SayPro Document Collection, Fund Allocation, and Compliance Check procedures.

1. Establish Clear Communication Channels:

• Regular Meetings: Schedule periodic meetings with the financial team to discuss updates on fundraising activities, document collection, and fund allocation.
• Shared Access to Financial Data: Ensure that the financial team has access to all relevant fundraising data (donation logs, sponsorship contracts, crowdfunding transaction records) in real time for accurate reporting and review.

2. Collaboration on Fund Allocation and Documentation:

• Review Fund Allocation: Work with the financial team to cross-check that all funds raised from donations, crowdfunding, and sponsorships are properly allocated according to the intended purposes, as outlined in the sponsorship agreements and donor instructions.
• Update Financial Records: Ensure that all incoming and outgoing funds are accurately recorded in the accounting system, with correct categorization (e.g., restricted vs. unrestricted funds, program expenses, administrative costs).
• Ensure Compliance: Work with the financial team to verify that funds are allocated and used in compliance with tax laws, financial regulations, and SayPro’s internal policies.

3. Audit Preparation Support:

• Verify Financial Statements: Collaborate with the financial team to ensure all fundraising-related financial statements are prepared, accurate, and ready for auditing. This includes confirming the accuracy of income reports, expense reports, and the allocation of funds.
• Document Review: Ensure that all supporting documents (e.g., receipts, contracts, transaction logs) are stored securely and available for audit. Work with the financial team to gather all necessary backup documentation for each fund allocation and financial transaction.
• Audit Readiness: Work closely to prepare and reconcile any discrepancies in financial records before the audit, ensuring all transactions are fully traceable and well-documented for audit review.

4. Tracking Compliance and Internal Policies:

• Compliance Monitoring: Liaise with the financial team to ensure that all financial records are compliant with relevant tax laws and SayPro’s internal financial policies, particularly regarding fundraising, donations, and sponsorships.
• Ensure Accuracy: Regularly review and verify that all entries in the financial system accurately reflect the actual transactions, ensuring transparency and alignment with the overall fundraising goals and financial regulations.
• Adherence to Financial Policies: Ensure that financial transactions related to fundraising activities, including donation handling, sponsorship payments, and crowdfunding, comply with SayPro’s financial policies and internal controls.

5. Coordinate Financial Reports:

• Fundraising Financial Reports: Collaborate with the financial team to create comprehensive fundraising financial reports, including detailed summaries of donations, crowdfunding proceeds, and sponsorship funds.
• Timely Reporting: Ensure that all financial reports are prepared and submitted on time, allowing for ample review before audits and ensuring compliance with regulatory reporting requirements.

6. Addressing Issues and Implementing Improvements:

• Issue Resolution: If discrepancies or issues are identified during the accounting process, work closely with the financial team to resolve them promptly and implement corrective actions.
• Process Improvement: Discuss and implement any necessary improvements in accounting processes to ensure more efficient tracking and reporting of fundraising funds, especially as they relate to upcoming audits and compliance checks.

7. Final Review Before Audit:

• Audit Checklist: Work with the financial team to complete an internal audit checklist, confirming that all accounting records, documents, and fund allocations are in place, accurate, and ready for the external audit.
• Reconcile Accounts: Before the audit, ensure that all accounts related to fundraising are reconciled and accurate, addressing any discrepancies between different financial systems or reports.
• Final Document Compilation: Collaborate to compile the final set of financial records and documents for submission to the auditors, ensuring all required information is included and in order.

By closely collaborating with SayPro’s financial team, all accounting records related to fundraising and donations will be accurately maintained and prepared for audits. This partnership ensures that all financial practices are transparent, compliant with regulations, and aligned with internal policies, paving the way for smooth and successful audits.