The organisation has now grown as a fairly bigger organisation since its inception in 2008. And, since then implementation of an efficient and effective financial and administrative system and its subsequent changes and improvements from time to time for better running of the organisation, has proved to be one of the contributory factors behind present day's success.
Strong financial management in Hasaan Foundation is critical to the efficient, effective use of our funds. At present, the money we would spend at Hasaan Foundation would be entrusted to us by donors for use on their behalf. The ability to provide accurate, timely financial information would enable HF to comply with reporting obligations contained in the grants and contracts, to meet the requirements of law and donors and to adhere to accounting standards. Accurate and timely financial information also helps in decision-making and enhances our ability to obtain funds from donors.
The Finance & Administration (F&A) is responsible to the CEO for developing and monitoring procedures for governing all financial activities of Hasaan Foundation.
The F&A receives, invests, disburses and account for all funds placed at the disposal of the CEO. Within the framework of its overall responsibilities it maintains budgetary control with the support of programme management, prepares financial reports for programme management to review and reviews and processes the monthly financial reports received from all HF locations.
The F&A provide general financial guidance and control to the management and acts as focal point for all reports and observations issued by the auditors. It is responsible for:
- The design, installation, custody and operation of financial records which properly accommodates the recording of all financial transactions with in organisation.
- The periodic preparation and distribution of reports showing the current financial status of funds together with such other finance related data, which is considered to facilitate effective program implementation.
- The preparation, for presentation to Board of Governors through Executive Director, of annual financial statements with all necessary supporting notes.
The F&A also coordinate logistic provision and financial support to the programs. It also ensures that the budget reflects programmatic requirements and that program spending is in line with budget. Its approach is based on support, monitoring and evaluation, and is guided by two core principles: Accountability through transparency, and decentralisation with delegation.
The policies and procedures are designed to provide tools needed to effectively manage financial resources.
Hasaan Foundation is using financial accounting software to record financial data.
At present, Waqas & Company, Chartered Accountants, have been appointed as external auditors for current year.