Finance

Sangath follows a highly transparent and accountable financial management system. The accounts get audited regularly by internal auditor & certified by the statutory auditor. Sangath’s accounts are also reviewed by auditors of many funding agencies like UNFPA, Tata Trust, Grand Challenges Canada, London School of Hygiene & Tropical Medicine as a part of due diligence audit during their funding period. A comprehensive audit was carried out by the international firm of the auditor, Price Waterhouse Coopers, in 2007. Sangath’s accounts are also scrutinized during Income Tax Assessments. One of the reasons that Sangath can able to build the trust of our funding agencies is because of its focus on being transparent and accurate and accountable financial management system. Sangath’s finance team actively encourage the dialogue with service providers to make sound financial judgments and practices, so that the use of cash is carefully controlled, the financial position of projects are carefully monitored keeping in mind current and forecasted expenditure, and strict procedures are enforced to ensure complete financial transparency. The financial management system can be briefly described as under:

Authorization: Each project Coordinator authorizes project expenses by verifying the budget availability and all Society vouchers are authorized by the Chairperson and Treasurer and Finance  & Admin heads.

Approval: We ensure that all expenses should get prior approval from concern authorities. All recurring expenses for project & Society less than Rs.5000/- are approved by the Project Co-ordinator. Up to Rs.10000/- by Director Finance, Rs. 10001 to 20000/- by Sr. Management Committee ( SMT) and above 20000/- are approved by the Managing Committee (MC). The authority for approval of acquiring of assets is lying only with SMT and MC. Prior approvals from funders are requested occasionally as per requirements.

Monitoring by Coordinators & Finance Head: Monthly statement on Budgetary Variance with highlights are sent by finance team to their respective project co-ordinators. It helps the coordinator to keep track of the outflow of funds and available funding in order to plan their future expenditure.   With this system project funds are continuously monitored by Co-ordinator/ Principle Investigators & Finance Head.

Monitoring by Sr. Management Committee ( SMT) & Managing Committee (MC): SMT & MC keep a check on expenditures while giving approvals. They also resolve issues related to Finance and Administration. Resolutions are passed by MC wherever necessary. Overall financial health is governed by MC.

Monitoring by Auditors: Internal auditor does the internal audit of all financial transactions as per detailed scope defined by Sangath’s Managing Committee. A statutory auditor does audit annually and certifies the audited statements. He also takes care of Income Tax Return, certifies FCRA Return and furnishes his audit report to the Managing Committee.

Guidelines on Accounting Procedures: Sangath has a Finance Manual which describes policies approved by the management about how the NGO should work. It contents the set of accounting policies to be followed during the purchase of assets, stationery; sale of assets, investment of funds, Travel reimbursement, settlement of advances, usage of mobile etc. It maintains its flexibility to accommodate decisions by considering changing needs of different users.

Daily Cash Counting & surprise checks: Sangath follows the system of daily cash counting & entry in cash register with the details of denominations with the initials of finance person responsible for this task. Admin staff and auditor gives a surprise check on cash holdings.

Verification of payments by accounts team: The payment vouchers duly checked and authorized by coordinators are scrutinized by the accounts team before processing the payments. Such verification is done considering the prevailing income tax laws, FCRA laws, GST laws, Sangath’s policies and funder’s terms. The matters are also referred to the auditors for best judgement.

Delegation of duties to avoid the risk of frauds: Different personnel are handling the responsibility of authorizing & signing payments, handling cash and cheques, signing legal undertakings. It is considered as a part of the internal check to minimize the risk of fraud.

Insurance coverage: Sangath has provided insurance cover for i) cash at safe and cash in transit. ii) for its vehicles & equipment iii) Mediclaim & Accident insurance cover for its service providers.

Safeguarding fixed assets: By following strict procedure on the procurement of fixed assets, physical verification of assets at the time at the end of each financial year and numbering the fixed assets.

Tracking advances: Periodic review of advances outstanding is being done.

Accuracy of Data: Sangath uses Tally software for accounting and through that minimizes the risk of errors and maintains the accuracy of financial data.

Documentation: Back up of financial data is taken on a regular basis. Accounts are also printed on a yearly basis once audited statements are signed by concern authorities.

Through such system, Sangath is building trust between different beneficiaries, managers and donors by ensuring financial transparency and by that encouraging management to work out the specific activities that will contribute to wider social changes.

All projects, in agreement with the funding agency, contribute at least 10% of the total project cost towards administrative expenses of the Society. All projects hosted by Sangath are under the management of the Central Administrative office in Goa. This office provides overall supervision to all administrative and financial operations of projects. The office holds all critical records, forms essential policies for prudent management of project grants and monitors adherence to the same. The administrative coordinator ensures that the central protocols related to Human Resources, administrative policies are met. The Accountants team maintain accounts of financial transactions of projects and ensure that financial protocols related to finance policies are met. They also ensure timely submission of reports to the funder. Hence the projects contribute core administrative costs to Sangath for above-stated services essential for the effective administration and management of the project. This administrative fee goes towards paying for the Society’s facilities used by projects such as the services of the administration team and building our capacity for long-term sustainability.  The major income of Sangath comes from these administrative receipts.

Other sources of income include patient collections, the sale of publications, workshop receipts, course fees and bank interest etc.

Through judicious financial management and expertise in research, Sangath gets grants for its projects from different funders. The few top major grantors at Sangath are listed below:

  • Harvard Medical School
  • Wellcome Trust (through the London School of Hygiene & Tropical Medicine).
  • University of Cape Town
  • John T. & Catherine D. MacArthur Foundation
  • Medical Research Council, UK
  • University of Pittsburgh
  • Wellcome Trust DBT
  • University of Reading

We also got a corpus donation from Dr Charles Reynolds for building up a centre for Aging and Dementia Care.

Sangath is having valid FCRA certificate vide registration No. 27182001 and 80G is granted until perpetuity.

 

2018 – 2019
Click here to know about FCRA donors for Apr-Jun 2018
2017 – 2018
Click here to know about FCRA donors for Apr-Jun 2017
Click here to know about FCRA donors for Jul-Sep 2017
Click here to know about FCRA donors for Oct-Dec 2017
Click here to know about FCRA donors for Jan-Mar 2018
2016 – 2017
Click here to know about FCRA donors for Jan-Mar 2017
Click here to know about FCRA donors for Oct-Dec 2016
Click here to know about FCRA donors for Jul-Sept 2016
Click here to know about FCRA donors for Apr-Jun 2016
2015 – 2016
Click here to know about FCRA donors for Apr-Jun 2015
Click here to know about FCRA donors for Jul-Sept 2015
Click here to know about FCRA donors for Oct-Dec 2015
Click here to know about FCRA donors for Jan-Mar 2016
2013 -2014 onwards…
Click here for FCRA final account for the financial year 2013 – 14
Click here for FCRA final account for the financial year 2014 – 15
Click here for FCRA final account for the financial year 2015 – 16
Click here for FCRA final account for the financial year 2016 – 17