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FMD Key Concepts Flashcards

1
Q

Funding sources

A

Government

Philanthropist

Corporate Sector

Public Donation

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2
Q

funds and finances

A

Funding is actually the money provided by companies or by a government sector for a specific purpose, whereas, financing is a process of receiving capital or money for the business purpose, and it is usually provided by financial institutions, such as banks or other lending agencies.

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3
Q

financial management

A

Financial management involves planning, organizing, monitoring, and controlling the financial resources of an organization to achieve its objectives.

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4
Q

financial management aims to

A

help an organization achieve its objectives.

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5
Q

If stakeholders at all levels of an organization need to exercise weak financial management so what will happen?

A

the organization can’t realize its strategic and operational objectives.

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6
Q

If there are no clear strategies implemented

A

there will not promote financial sustainability, diversify income, and build strategic reserves.

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7
Q

Financial management processes and practices are critical to

A

achieving the shorter-term operational objectives of all programs and projects.

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8
Q

financial management activities are

A

Planning,

organizing,

monitoring, and

controlling.

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9
Q

What do we do in planning activity?

A

looking ahead, identifying upcoming activities, and building a comprehensive overview of the resources needed to implement them.

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10
Q

strategic documents planning tools are

A

Strategic plan,

Theory of Change, and

Financing strategies

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11
Q

operational documents planning tools are

A

Log frames,

Activity plans,

Calendars, and,

of course, budgets.

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12
Q

What do we do in organizing activity?

A

identifying, obtaining, and aligning the resources and people needed to implement projects efficiently.

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13
Q

organizing activity tools are

A

Organization’s constitution,

organograms,

job descriptions,

code of conduct,

accounting and coding systems,

policies and procedures manuals,

forms and once again, budgets.

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14
Q

What do we do in monitoring activity?

A

Tracking progress using up-to-date financial information with the intent of identifying risks and issues early on and taking corrective action, if needed.

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15
Q

What are the monitoring activity tools?

A

Project evaluation reports,

periodic progress reports,

audit reports,

budget monitoring reports,

cash flow reports,

reports to funders, and

once again, budgets.

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16
Q

What do we do in controlling activity?

A

Setting up and implementing the systems, rules, procedures, and practices that make sure financial and other resources are used efficiently and effectively.

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17
Q

Controls protect both organizational resources and ……….?

A

staff

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18
Q

Why do we need to setting up and implementing the systems, rules, procedures, and practices in the controlling?

A

for making sure financial and other resources are used efficiently and effectively.

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19
Q

good control tools are

A

Financial policies and procedures,

delegated authority document,

audits,

procurement processes,

vehicle policies,

insurance, and

once again, budgets.

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20
Q

If the aim of financial management is to help an organization “achieve its objectives”, this means that

A

good financial management is everyone’s responsibility, not just members of the finance staff.

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21
Q

Financial management definition and the four principles Planning, Organizing, Monitoring, and Controlling are

A

broad and apply to all kinds of accounting at all levels.

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22
Q

Does management accounting a statutory requirement?

A

It is not usually a statutory requirement.

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23
Q

statutory

A

قانوني

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24
Q

management accounting is

A

relevant to the project team.

It is forward-looking and helps you make project-level forecasts and decisions.

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25
financial accounting is
relevant to donors, funders, and external stakeholders. It is backward-looking, in that, it reports the actual numbers
26
Does financial accounting a statutory obligation?
It is often a statutory obligation
27
project team members contribute to strategic and operational objectives through
a system of delegated authority
28
Who has the ultimate steward of the organization?
organization board
29
Organization board aims to
Make sure that funds are used appropriately and benefit all those they are intended to help.
30
Organization board delegate some of their work to
operate efficiently, a board may need to delegate decision-making and operational authority to others who can act on their behalf.
31
Do you have an example of how the organization board can delegate some of the work?
The boards delegates to the CEO, the CEO delegates to the senior managers, and the senior managers delegate to the project and operational teams.
32
Authority delegated down to
project teams to make decisions and run operations.
33
teams are accountable for their
operations and decisions they make and must report upwards.
34
Reporting on the progress of operations gives
the management of an organization strong data to manage strategically.
35
What are the inputs for strong strategic management?
Operations progress reporting, that is produced by the project team.
36
Accountability flows up from a project and team staff to
the governing body of an organization.
37
woven
نسج
38
At the operational level, your knowledge helps you make
informed decisions about your project, and your actions feed up into the wider financial system, contributing to an organization's strategic objectives.
39
Project management is complex and involves a variety of disciplines such as
Scope management, time management, risk management, stakeholder management, and financial management
40
In order to ensure that my project effectively addresses the needs of the world's most vulnerable communities
I need to understand how to plan, organize, monitor, and control my project's financial (and non-financial) resources.
41
Finance team can be especially helpful providing support to project staff with
setting up strong finance systems, recording financial data in a timely way, administering payment and reconciliation processes, producing financial reports, and advising project teams on the best approaches to complex financial issues (compliance issues, cost sharing, depreciation, etc.)
42
Having detailed knowledge of the project operations helps the project team to
identify where there are risks and opportunities for improvement in the use of project financial resources.
43
Use financial reports to
monitor project performance and identify actions to keep project finances on track.
44
Use internal controls to
protect NGO assets and minimize the risk and impact of fraud and errors
45
Implement clear strategies to
promote: financial sustainability, diversify income, and build strategic reserves.
46
Authority delegated down to project teams to
make decisions and run operations.
47
Financial management four building blocks are
Accounting records Financial planning Financial monitoring Internal control
48
Every organization must keep an accurate and complete record of all
financial transactions that take place during the financial year? this show how funds have been used. (accounting records building block)
49
Accounting records includes
both the physical paperwork (such as receipts and invoices) and the books of account where the transactions are recorded and summarized.
50
Other examples of planning tools include
cash flow forecasts and a financing strategy. | financial planning building block
51
managers uses budget monitoring reports to
monitor the progress of their projects | financial monitoring building block
52
annual financial statement provides accountability to
external stakeholders | financial monitoring building block
53
Internal control is
a system of common sense controls, checks, and balances designed to manage internal risk and safeguard an organization’s money, equipment, and other financial resources. (Internal control building block)
54
The purpose of internal controls is to
minimize losses, such as through theft, fraud or incompetence; To detect errors and omissions in the accounting records. An effective internal control system also protects staff, an organization’s most important asset! (Internal control building block)
55
omissions
اغفالات
56
books of account relating to
accounting records
57
cash flow forecast relating to
financial planning
58
annual financial statement relating to
financial monitoring
59
checks, and balances that protect against fraud and errors relating to
Internal control
60
project monitoring report relating to
financial monitoring
61
Budgets relating to
financial planning
62
receipts, invoices, and documents relating to financial transactions are relating to
accounting records
63
audits relating to
Internal control
64
Policies and procedures relating to
Internal control
65
Finance manual helps in
describes how an organization manages its finances. guides project teams in setting up its finance processes. it serves as a reference to avoid misunderstandings encourages consistency by setting out policies and procedures. it establishes the framework within which a team can manage project finances and helping to avoid misunderstandings and encourage consistency.
66
financial control system establishment isn't an easy task
Even in small organizations, the financial control system can become quite complex. Each of the four building blocks needs a collection of financial policies and procedures that guide operations and inform how an organization uses and manages its money.
67
It is important to document organization policies and procedures to
ensure that all staff knows what is expected.
68
Policies are
principles or guidelines for a key area of activity within an organization. For example, a vehicle policy will clarify who can drive an organization’s vehicles, how the vehicle should be disposed of when no longer needed, and outlines the rules on private use by staff.
69
Procedures describe
the steps for carrying out the guidelines in a policy. They often include a requirement to complete standard forms, to gather data, and ensure authorization for actions. A vehicle procedure might require the completion of vehicle requisition forms and journey log-sheets.
70
Policies are usually written by senior managers and are approved by
the board or management team. Once approved, everyone in an organization must follow the policy.
71
some possible contents of a typical finance manual are
Accounting rules and routines Bank and cash handling procedures Code of conduct Coding structures Delegated authority Financial planning and budget management processes Financial reporting routines Fixed assets Foreign exchange Fraud and other irregularities Grant management guidelines Insurance Procurement procedures Staff benefits, allowances, and expenses Stock control Vehicle management
72
Project teams should implement all activities with the aim of
continuous improvement of the project and its processes, practices, and activities.
73
All financial management activities should be
implemented in the context of a Plan–Do–Review cycle that allows your team to learn from experience.
74
Plan is | Plan - Do - Review
The project team sets its objectives and plans activities. Then, the team prepares a budget that estimates the costs involved in running the activities and develops proposals to raise the required funds.
75
Do is | Plan - Do - Review
The project team implements the activities, according to the project plan. The team spend money and account for the financial transactions which take place, using the resources estimated in the budget.
76
Review is | Plan - Do - Review
Throughout the project the team monitors progress by comparing the original plans to what actually happened. Managers will use the monitoring information to identify actions so the project stays on track. The learning from this phase is used in the next planning phase, adjusting budgets if needed. There is a continual process of review, learning and adaptation.
77
Risks bribery and corruption is
Weak financial management
78
allows staff to adapt procedures depending on the situation is
Weak financial management
79
helps an organization achieve its objectives is
Strong financial management
80
involves planning for when and how to spend is
Strong financial management
81
relies on one individual for financial control is
Weak financial management
82
belongs only to finance team is
Weak financial management
83
Sets up controls, policies, and procedures is
Strong financial management
84
is focused on shorter-term, immediate needs are
Weak financial management
85
monitoring progress is
Strong financial management
86
Ensures an organization's resources are used effectively is
Strong financial management
87
happens at all level on an organization is
Strong financial management
88
Concentrates on organizational needs rather than on funder requirements are
Weak financial management
89
Which of the four building blocks of financial management includes documentation of financial transactions that take place to show how funds have been used?
Accounting records
90
Who is ultimately the steward of the organization's finances, making sure that funds are used appropriately and benefit all those they are intended to help?
Board
91
Which statement best describes how the Plan–Do–Review cycle is linked to the financial management process?
it shows how the project teams sets budgets, spend money, and continually learn from, and make the improvement to financial management processes.
92
What is the main purpose of the internal control building block?
protects resources and staff from risks such as fraud and errors.
93
Which of these financial management tasks falls primarily on project staff?
Monitoring project budgets and expenditures and reporting issues to managers

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