Annual Report 2007/2008 - Poverty Alleviation Fund, Nepal

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Chapter 4FINANCIALMANAGEMENT4.1 Financial Planning and ManagementPAF Financial Management System consists of three pillars namely- Financial Planning, Financial Managementand Financial Reporting. Financial management is directed by Applicable Accounting Standards which isaccepted both by Government of Nepal and World Bank. It also fulfills the requirements of partnerorganizations. Financial Management System of PAF is governed by Financial Management Manual.PAF accounting system is based on Cash basis. It maintains all books of accounts relating to receipts andexpenditures. PAF maintains its books of account on computerized accounting software-Fin App.For effective implementation of PAF activities and monitoring of documents, regular auditing is done byinternal and external auditors. M/S Sunder & Company is assigned as internal auditor for the FY 2063/64 &FY 2064/65 and external audit is carried out by office of Auditor General.For effective planning and monitoring of funds, PAFhas opened Main account in Rastriya Banijya Bank(RBB). Along with main account, separate bank accountsare opened for PAF operating expenses and forProgramme expenses. Also, RBB and Nepal BankLimited (NBL) have opened Non-operating andOperating bank account for each communityorganization in their concern districts.57
PAF ANNUAL REPORT 2007/08The Funds Flow Modality of PAF withCommunity Organization is as Follows:PAFMain A/CPAF Level(Centre)PAFProgramme A/CPAFOperating A/CCO Level(District)CommunityNon operating A/CCommunityContributionPartner Organization(PO) provide TechnicalAssistance to CommunityOrganization (CO)CommunityOperating A/CPAF prepares Financial Monitoring Report (FMR) on a trimester basis for the purpose of review by internalmanagement and reporting to the World Bank., The report is comprised of different sections including briefdescription of project progress. The Financial monitoring report is the comprehensive report that includesvarious reporting formats, which cover financial, physical progress, contract expenditure and procurementinformation. The report 2A discloses the information on sources and uses of funds. Likewise, 2B providesinformation on uses of funds by project activity and 2C is the section that gives information on IDA eligibleexpenditure and the disbursement status. Section 2D is for reconciliation statement of special account and theprojection for the forthcoming trimester.Review of physical progress section provides all information on the achievement against planned with regardsto major physical indicators set by PAF. Contract expenditure report has two parts- goods and consultants.Furthermore, goods and consultancy are categorized on the basis of prior or post review threshold. Similarly,procurement section has two parts -goods and consultancy. Furthermore, procurement of consultant has beencategorized as individual consultant and firm consultant. Whether procurement is prior or post review dependsupon the threshold for procurement of goods and consultants.58
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ANNUAL REPORT 2007/08
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POVERTY ALLEVIATION FUNDiv
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POVERTY ALLEVIATION FUNDContentsEXE
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