FINANCE MANAGER: REV. SR. GWEN MULENGA
Finance department is the main instrument to control and safeguard an organizations assets. In order to build an effective workflow in the Department, there should be a mark out of core functions and obligations the Department does in everyday life. So, the three core functions of Finance department are: Financial Administration, Provision of Everyday Financial Transactions and Financial Reporting. This brief description of each function lets you better understand the department workflow and also gives examples relating to CDoN.
Strategic Goal
To ensure transparent and Accountable acquisition, utilization, Investments and management of Financial and material resources towards a self-sustained Church.
Rationale
One of the key resources required to run an organization is funding. The Diocesan has grown in the number of its activities, hence the need for more financial resources to run the organization effectively. This growth demands matching efforts in identifying and mobilizing resources to be at the disposal of these activities. Therefore, there is need to have effective resource management systems and policies to ensure proper utilization so as to create confidence among the stakeholders.
Strategic Objectives
i. To create an internal Audit Office to regulate financial systems and operations.
ii. To ensure that the Financial Policy Manual is approved and launched
iii. To standardize reporting systems and formats within the diocese.
iv. To ensure that financial reporting systems to outsiders are controlled and strengthened.
v. To create a Regulatory Framework for the application of funds in parishes and at the diocesan level, e.g. Credo, Special Offering, Tithe, projects fund, Seminarian fund
vi. To ensure that all priests working in the diocese are remunerated equitably
vii. To devise a plan for investment in the new and existing ventures in the Diocese
viii. To make a common budget for administration, pastoral and social functions of the Diocese
Key Results
• Transparent, accountable, effective and efficient utilization of resources.
• Financially sustained Diocese.
Responsible
• Procurator General
• Finance Manager
• Internal Auditor
Financial administration
The financial administration function is maintained to ensure that financial controls, plans, policies and operations of the organization are up-to-date and in compliance with legal and corporate guidelines. The Procurator General oversees all the procedures of the Department and provides the ground for all financial transitions. The Financial administration function is aimed to:
- Development and maintenance of internal control policies
- Budget preparation and assignment
- Revenue auditing and forecasting
- Management of contractors
Controls allows management to track suppliers and customers of the organization for transparency
Provision of everyday financial transactions
It is a vital section of the finance department workflow as it provides the organizations, staff and partners with accurate, consistent and timely financial reports for the purpose of keeping the financial operations and transactions up-to-date and closed out in proper way. Day-to-day financial transactions include the following directions:
- Payroll administration
- Administration of the supply chain
- Complete record keeping
- Accounts receivable and accounts payable
Financial Transactions allows department staff to keep track of all records on accounts payable (unpaid bills) and accounts receivable (funds received). Financial managers and accountants can access the Accounts Receivable view and the Account Payable view to track accounts by Amount, Payee, Payer, Date, Tax, and other attributes:
Catholic Diocese of Ndola is currently using the SAGE PASTEL as its accounting system
Financial Reporting
The Financial reporting section of the department workflow is aimed at generating and providing financial reports to the organizations departments and outside institutions to ensure legal compliance with the partners and within the local laws requirements. The Finance reporting department also reconciles the accounts of the organization and reports current status of all operations and translations made during the reporting period. The Board of Directors use analytical reports to ensure that the deals with current donors of the organization are properly calculated and handled.
