Life Finance policy

Finance policy plays a vital role in the success of an institution and is as follows:

Budgeting:

• Develop an accurate budget covering all planned activities and programs.
• Prioritize financing and allocate resources efficiently according to the institution’s objectives.

Diversification of Funding Sources:

• Seek diversification in funding sources, including donations, grants, and self-generated revenues.
• Explore partnerships with the private sector or other institutions to enhance funding sources.

Financial Transparency:

• Establish a transparent financial management system allowing access to financial information for everyone.
• Provide regular reports to donors and partners regarding the use of funds and achievement of objectives.

Sustainability of Funding:

• Develop plans to ensure the long-term sustainability of funding.
• Explore opportunities for self-generated revenues to enhance institutional sustainability.

Financial Risk Management:

• Regularly assess and manage financial risks.
• Take actions to address potential financial challenges and ensure the continuity of activities.

Utilization of Technology:

• Utilize technology in financial management to facilitate accounting and reporting processes.

Financial Impact Assessment:

• Evaluate the financial impact of each program or project to ensure a return on investment.

Policy Updates:

• Periodically review and update financial policies in line with developments and needs.

Enhancing Quality and Efficiency:

• Work on improving the efficiency of financial management and enhancing the quality of financial performance.