By-Law 04-4 Financial Controls
1. PURPOSE:
The purpose of this document is to record the procedure to follow
2. SCOPE:
In line with the requirements of the SAQA and the Institute of Safety Management, the scope of this procedure will cover the management of IOSM funds:
3. REFERENCES:
3.1 The Procedure for Professional Registration. (By Law 03-1)
4. ABBREVIATIONS & DEFINITIONS:
4.1 NPO means Non-Profit Organisation
4.2 CIPC means Companies and Intellectual Property Commission (a division of the Department of Trade and Industry)
5. PROCEDURE:
5.1 National Funds
5.2 Branch/Forum Funds
5.2.1 The Finances of IOSM Branches must be managed by a Branch treasurer.
5.2.2 IOSM branch funds are to be held either in a branch banking account with at least two signatories or at National office with a petty cash float held for branch or forum operational purposes.
5.2.3 Branches with branch accounts must provide two monthly summaries of their financial situation to National Office for National Office’s NPO financial record keeping.
5.2.4 Where branches or forums hold fee paying seminars, conferences or similar, 10% of the profits made is to be paid to the IOSM National banking account.
The purpose of this document is to record the procedure to follow
2. SCOPE:
In line with the requirements of the SAQA and the Institute of Safety Management, the scope of this procedure will cover the management of IOSM funds:
3. REFERENCES:
3.1 The Procedure for Professional Registration. (By Law 03-1)
4. ABBREVIATIONS & DEFINITIONS:
4.1 NPO means Non-Profit Organisation
4.2 CIPC means Companies and Intellectual Property Commission (a division of the Department of Trade and Industry)
5. PROCEDURE:
5.1 National Funds
- IOSM’s annual financial year is from 1st March to end February the next year
- IOSM Finances are to be controlled by the National Treasurer, with guidance from an auditor.
- IOSM’s Nationals Finances are to be held in a banking account with at least two signatories
- IOSM’s accounting system is to be run on a computerized accounting package, currently Quickbooks.
- IOSM’s must be operated within the Statutory Requirements for a Non Profit Organization (NPO)
- IOSM must be CIPC registered & retain good standing through annual submissions as required
5.2 Branch/Forum Funds
5.2.1 The Finances of IOSM Branches must be managed by a Branch treasurer.
5.2.2 IOSM branch funds are to be held either in a branch banking account with at least two signatories or at National office with a petty cash float held for branch or forum operational purposes.
5.2.3 Branches with branch accounts must provide two monthly summaries of their financial situation to National Office for National Office’s NPO financial record keeping.
5.2.4 Where branches or forums hold fee paying seminars, conferences or similar, 10% of the profits made is to be paid to the IOSM National banking account.
