OBA Financial Policy

1. Introduction

This policy document is version 1, written by Shane Appleyard and serves to act as a starting basis for future development via the OBA Governance Portal.

Welcome to Owned By All’s Financial Policy, a comprehensive framework guiding our organization’s financial management. This policy reflects our commitment to ensuring the responsible use of resources, maintaining financial sustainability, and adhering to the highest standards of transparency. Sound financial management is crucial to the realization of our mission and values, and this policy outlines the principles and practices that will govern our financial decision-making and operations.

Overview of the Financial Policy

This Financial Policy provides a structured approach to various aspects of financial management within Owned By All. It encompasses financial planning, revenue generation, expenditure management, reporting, compliance, risk management, internal controls, audit processes, asset and liability management, financial decision-making, and ongoing financial training and awareness initiatives. By adhering to this policy, we aim to foster accountability, transparency, and the efficient allocation of resources throughout the organization.

Importance of Sound Financial Management

Sound financial management is the backbone of organizational success. It ensures that resources are utilized efficiently, goals are met, and stakeholders’ trust is maintained. By emphasizing prudent financial practices, we not only protect the interests of Owned By All but also contribute to the overall sustainability and growth of the organization. This policy underscores the importance of making informed financial decisions that align with our strategic objectives and uphold our commitment to ethical conduct.

Alignment with Owned By All’s Mission and Values

Our financial policy is intricately linked to Owned By All’s mission and values. As an organization dedicated to equity, transparency, and community benefit, our financial practices must reflect these principles. By aligning our financial decisions with our mission and values, we ensure that every financial action contributes to the betterment of society and the fulfillment of our overarching objectives. This alignment is integral to maintaining the integrity and purpose of Owned By All.

2. Scope

This Financial Policy is comprehensive in its coverage, applying to all financial operations and decision-making processes within Owned By All. It extends across various departments and levels of the organization, ensuring that consistent financial practices are upheld throughout every facet of our operations. The scope encompasses financial planning, budgeting, revenue generation, expenditure management, financial reporting, compliance, risk management, internal controls, and any other activities related to the financial well-being of Owned By All.

3. Financial Planning

This section details the robust process for financial planning within Owned By All. It encompasses the development and implementation of effective budgeting procedures, ensuring that financial resources are allocated strategically. The financial planning outlined in this policy emphasizes a commitment to long-term financial sustainability, aligning with Owned By All’s mission and values. It includes the identification of financial goals, forecasting, resource allocation, and regular reviews to adapt to changing circumstances.

4. Revenue Generation

This section articulates the strategies employed by Owned By All for revenue generation. It outlines a diverse range of income streams to ensure financial stability and sustainability. The strategies are designed in alignment with Owned By All’s overarching goals and mission. By addressing the diversification of income streams, the organization aims to reduce dependency on any single source, thereby enhancing financial resilience and supporting the pursuit of its mission.

5. Expenditure Management

This section of the financial policy establishes clear protocols for the approval of expenditures within Owned By All. It outlines spending limits and controls to ensure responsible financial management. Additionally, the policy defines procurement procedures and outlines guidelines for managing relationships with vendors. The goal is to maintain transparency, accountability, and efficiency in the organization’s spending practices.

6. Financial Reporting

This section of the financial policy outlines the reporting requirements and frequency for financial activities within Owned By All. It specifies key financial metrics that need to be reported regularly to relevant stakeholders. The policy emphasizes the importance of transparency in financial reporting to ensure that all stakeholders have access to accurate and timely information about the organization’s financial health.

7. Compliance and Risk Management

This section of the financial policy emphasizes the importance of compliance with financial laws and regulations. It addresses the need for risk assessment and mitigation strategies to identify and manage potential financial risks. The policy ensures accountability for compliance, emphasizing Owned By All’s commitment to conducting its financial operations within the bounds of applicable laws and regulations.

8. Financial Controls

This section of the financial policy focuses on the establishment of internal control mechanisms. It defines specific roles and responsibilities in financial management to ensure clarity and accountability. The policy also addresses the segregation of duties as a preventive measure against fraud, emphasizing Owned By All’s commitment to maintaining robust financial controls.

9. Audit and Assurance

This section of the financial policy outlines procedures for both internal and external audits. It specifies mechanisms to ensure financial accountability within Owned By All. The policy emphasizes the commitment to compliance with audit recommendations, underscoring the organization’s dedication to transparency and financial integrity.

10. Assets and Liabilities Management

This section of the financial policy defines procedures for asset management within Owned By All. It also addresses debt management strategies and emphasizes the importance of responsible use of financial instruments. The goal is to ensure a balanced and prudent approach to managing assets and liabilities for the organization’s financial well-being.

11. Financial Decision-Making

This section outlines the decision-making processes for major financial matters within Owned By All. It emphasizes stakeholder involvement in financial decision-making and ensures that decisions align with the organization’s overall objectives. The goal is to promote transparency, accountability, and strategic alignment in financial decision-making.

12. Financial Training and Awareness

This section focuses on the implementation of financial training programs within Owned By All. It aims to provide resources for continuous financial education, ensuring a high level of financial literacy across the organization. By promoting financial training and awareness, Owned By All aims to empower its stakeholders with the knowledge and skills needed for effective financial management.

13. Policy Review and Revision

Owned By All is committed to the regular review of its Financial Policy to ensure its relevance and effectiveness. The organization recognizes the dynamic nature of financial landscapes and aims to adapt its policy accordingly. Procedures for policy updates involve a systematic and thorough evaluation process. Any revisions to the Financial Policy will be communicated transparently to all relevant stakeholders, maintaining a collaborative and informed approach to financial governance.

14. Contacts

For any financial concerns within Owned By All, you can contact the Chief Financial Officer (CFO) at cfo@ownedbyall.com. We encourage all stakeholders to use this designated email as the reporting channel for financial issues. Your communication is important to us, and we are committed to addressing and resolving any financial concerns promptly and effectively.