Friends of Madagascar Development Financial Standards

• The fiscal year for Friends of Madagascar Development (FOMD) is January 1 – December 31.
• Friends of Madagascar Development will work to train all treasurers in using a financial system that keeps accurate records of all funds received from FOMD.
• This financial system must include:
  • Income received should be recorded as follows:
    • The source
    • The date received
    • Amount of money received in Dollars and in Ariary
    • Bank receipt
  • Expenses should be recorded as follows:
    • Paid to whom
    • Budgeted account
    • Amount
    • Date
    • Signed receipt or invoice
• A financial report must be submitted to FOMD at the end of each quarter, signed by the treasurer and the president or person in charge of each program.
• Failure to maintain the treasurer’s records and reports according to this standard may mean the cutting off of funding from FOMD.
• The reports received by FOMD will be reviewed by members designated by the FOMD Board of Directors and request as needed any further information for clarification or lack of documentation.
• The FOMD Board of Directors will also determine when an official audit will be required, and each program will be informed as to when and where the audit will take place.
• Each program’s president and treasurer must sign this agreement to follow these financial standards.