FINANCIAL POLICIES & PROCEDURES MANUAL - Ministry of Health

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HSSP Financial Policies & Procedures Manual _____________________________________________________________________________________ Each month the cash flow estimates for counterpart funds requirements must be reviewed and updated. Any changes to the cash flow budgets must be advised to the MEF to help ensure that counterpart funds are available when required. It is imperative that the cash flow requirements for Program activities are clearly communicated to the MEF, so as to ensure regular and timely cash flow is available for Program implementation activities. 4.3 BUDGET MONITORING 4.3.1 QUARTERLY INTERIM (UNAUDITED) FINANCIAL REPORT (IFRS) IFRs are based on the actual results of expenditures compared with the budgeted amounts. Variances are calculated. Quarterly Progress Reports (see Annex) show the progress of the planned (budgeted) Program activities for the three consecutive months. The actual amounts are extracted from the books of the financial accounts and compared with the budgeted amounts. This report is cascaded down to be prepared on a monthly basis by the National Programs; PHD’s and Central Office and is submitted to FMG on the agreed date (WITHIN 15 DAYS OF THE END OF THE MONTH). The Financial Management Group consolidates all the Financial Management Reports submitted by National Programs, Provinces and Central Office. Please see IFRs reporting format in (Annex B 1.1 to B1.22 ) 4.3.2 BUDGET VARIANCES Any significant (over spending by more than 10%) Variance as a result of Budget and Actual Expenditures should be explained in detailed manner. Any remedies or solution to the variance shall also be described and properly explained. ********* Second Health Sector Support Program (HSSP2) Financial Policies & Procedures Page 40 of 144
HSSP Financial Policies & Procedures Manual _____________________________________________________________________________________ SECTION 5 NON-MONETARY ASSETS 5.1 DEFINITION Non-Monetary Assets include Fixed Assets and Inventory while it excludes cash, currency or cheques. 5.2 FIXED ASSETS 5.2.1 CAPITALISATION POLICY Fixed Assets are furniture, equipment and vehicles intended to be used in the implementation of the Program. Fixed Assets are set to have a useful life of more than one year and costing Two Hundred US Dollars ($US200) or more. Items costing below $200 are considered consumables (refer FMM, SOP & Agreements). 5.2.2 ASSET GROUPS Assets are grouped according to their nature and depreciation rate using a 3 character code (e.g. VEH = Motor Vehicles). 5.2.3 ACQUISITION COST The acquisition costs includes, not only the cost price or the value of assets contributed “in-kind” but also includes freight, in-transit insurance, storage, assembly, special foundations and testing to ready the asset. These costs should all be part of the capitalised asset and absorbed into the asset purchase price. 5.2.4 INSURANCE OF FIXED ASSETS As far as possible, Fixed Assets should be insured with a reputable insurance company for loss due to fire, theft or accidental damage. 5.3 FIXED ASSET REGISTER The Fixed Asset Register must be maintained by every Program implementing level in order to establish levels of control on the movement and disposal. Each capitalised asset should be assigned an identification number code (included on the inventory stickers) in order to establish ownership and accountability. The register must be updated on a monthly basis with all fixed assets additions and disposal. This is extracted from the Disbursement / Cash Book. It is prepared by the Accountant in Excel spreadsheet. Format is as follows Second Health Sector Support Program (HSSP2) Financial Policies & Procedures Page 41 of 144
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Annex A1.1 Name of PHD/OD/PRH Secon
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Sample of Monthly Global Financial
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KINGDOM OF CAMBODIA NATION RELIGION
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FINANCIAL POLICIES & PROCEDURES MANUAL - Ministry of Health

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