{"id":4815,"date":"2024-04-15T12:37:17","date_gmt":"2024-04-15T12:37:17","guid":{"rendered":"https:\/\/hera.vistagroup.ge\/%e1%83%a9%e1%83%95%e1%83%94%e1%83%9c-%e1%83%a8%e1%83%94%e1%83%a1%e1%83%90%e1%83%ae%e1%83%94%e1%83%91\/policy\/financial-policy\/"},"modified":"2024-04-18T11:43:25","modified_gmt":"2024-04-18T11:43:25","slug":"financial-policy","status":"publish","type":"page","link":"https:\/\/hera-youth.ge\/en\/about-us\/policy\/financial-policy\/","title":{"rendered":"Financial Policy"},"content":{"rendered":"\t\t
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Association Hera XXI\u2019s financial procedures and Regulations
1. Paying in cash: Current year in the framework of approved working plan, the cashier on
the basis of expenditure warrants gives the money that bank has received in cash to
employee (coordinator, Assistant, Consultant), requiring approved document of
expenditure by Georgia\u2019s legislation, documents shall be submitted within three days
from the date of issuance.<\/p>\n

2. Banking operations: Association has opened several accounts for currency (76070793)
and Gel circulation (a.a 5700526) in Tbilisi TBC bank, Vake branch, with different donors
for accounting transparency. Banking operation involves income and expenses; in particular the income is received from different donors, grant accrual for approved
project on the associations account. Expenses can be defined as salary expenses,
transportation and logistics expenses according to the project\u2019s needs after tax
compliance.<\/p>\n

3. The right on Check signature: movement of money from the bank is conducted in
cashboxes by means of bank checks where the purpose of remote money is indicated.
The right on Check signature is granted only to an executive director.
4. Financial records on employee\u2019s salary: Staff salaries are given on the basis of contract,
In accordance with approved norm of Georgia\u2019s tax code by deduction of income tax.<\/p>\n

5. Bank Account\/ Cash: by means of bank accounts, in the case of the need (salary,
transportation costs, and household consumption) cash can be withdrawn from a bank.<\/p>\n

6. Purchasing: large products are purchased on the basis of contract with relevant
documents (invoice-reports, invoice, Cash receipts) using either bank settlement or
paying in cash.<\/p>\n

7. The allocation of liability: The purpose of the amount of money that is required for event
to be done is determined by the project coordinator of executive director or assistant or
financial manager in accordance with the articles approved by the donor. Bank operation
is conducted by (executive director) ,the person who holds the right on check signature ;
Cashier manages the cashbox and the money received from bank .purchase of goods is
done either by coordinator\u2019s assistance or executive director by submitting proofs of
expenditure.
8. Financial Reports: are done by association and are introduced to Georgia\u2019s tax authority
during the current working year : a) Before the 15th day of each month reflecting the
payment of income , donor is given the current working years monthly declaration
account twice a year .((Interim&Actuals) the financial accounts demanded by various
donors are also submitted in accordance with their requirements.(monthly , quarterly or
annually)
9. Fixed Assets: the annual description of fixed assets with indicating their locations is done
by association. The cost of fixed assets is reflected at the end of the year by the total
turnover of the organization considering amortization accrual.<\/p>\n

10. Transportation and communication facilities: the costs for transportation and
communication (separately for each of the workers) is covered by the salary, based on
income statement accrual.
11. Tender: Association\u2019s executive director, coordinator or assistant conducts the market
research for purchasing goods, after this executive director, coordinator, assistant or
financial manager reconciles the study of quality and price of goods. Than financial
transactions that were foreseen in project\u2019s articles are carried out on the acceptable
(quality and cost) service.
12. Taxes of goods and services: According to the Georgia\u2019s code of income, non-profitable,
Grant- based association Hera XXI is obliged to pay only the income tax (12 %) It isn\u2019t
charged by other types of goods and service taxes.
13. Accounting records and reporting: the current working years accounting records are
made in accordance with Georgia\u2019s legal requirement in Accounting program Super Fin,
that includes banking and cash transactions on their own account, with final annual
balance.<\/p>\n

14. Record keeping minimum\/terms: Due to tax legislation association is obliged to keep
accounting records for only six month.
15. Risk management: In order to avoid the risks connected to the financial operations,
association has developed a control mechanism that is implemented by the director,
executive director and financial manager of the association. in particular , the possible
expenses for the project that correspond articles are determined in advance:
Reconciling expenditure items with accounting documents and its purpose; Agreement
with a major seller (printing, contraception, fixed assets) ; taking into account all possible
risks. Implementing currency conversion banking operations (for making events, for
salaries and so on) that day or the previous day; Cash withdrawal from bank is done by
executive director who is accompanied by two legal entities. By the end of each month
the accuracy of baking operations and its purpose reflected in XL format is monitored
and then certified by signature by the association director.<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Association Hera XXI\u2019s financial procedures and Regulations1. Paying in cash: Current year in the framework of approved working plan, the cashier onthe basis of expenditure warrants gives the money that bank has received in cash toemployee (coordinator, Assistant, Consultant), requiring approved document ofexpenditure by Georgia\u2019s legislation, documents shall be submitted within three daysfrom the date […]<\/p>\n","protected":false},"author":2,"featured_media":4258,"parent":4738,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-4815","page","type-page","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/hera-youth.ge\/en\/wp-json\/wp\/v2\/pages\/4815","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hera-youth.ge\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/hera-youth.ge\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/hera-youth.ge\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hera-youth.ge\/en\/wp-json\/wp\/v2\/comments?post=4815"}],"version-history":[{"count":1,"href":"https:\/\/hera-youth.ge\/en\/wp-json\/wp\/v2\/pages\/4815\/revisions"}],"predecessor-version":[{"id":4816,"href":"https:\/\/hera-youth.ge\/en\/wp-json\/wp\/v2\/pages\/4815\/revisions\/4816"}],"up":[{"embeddable":true,"href":"https:\/\/hera-youth.ge\/en\/wp-json\/wp\/v2\/pages\/4738"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hera-youth.ge\/en\/wp-json\/wp\/v2\/media\/4258"}],"wp:attachment":[{"href":"https:\/\/hera-youth.ge\/en\/wp-json\/wp\/v2\/media?parent=4815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}