Finance & Fund Development Committee

Background

The Finance and Fund Development Committee (FFDC) was created with the election of the 2024-2025 AFICS-PHL officers.  It was created in light of the challenges of sustainability of financing AFICS-PHL administrative and operational requirements and project activities as well as the challenges and gaps in the existing fund management system.

Membership

The Committee is headed by an elected Vice-President who is designated by the Board of Trustees to serve as Committee Head. Members of the FFDC shall be comprised of volunteers from the membership, preferably with related academic or experiential background on finance, audit, budgeting, and/or project/programme management. The Treasurer, as non-voting member, shall be in the Committee in an advisory capacity. 

Additional volunteers may be recruited for special projects or ad hoc activities, not as regular committee members. 

The FFDC members shall serve within the term of the Vice-President/Committee Head, but may volunteer for re-appointment with the term of a new (successor) Vice-President/Committee Head. 

Purpose

The primary purposes of the Finance and Fund Development Committee are:  to ensure the soundness of AFICS-Phl financial system in terms of accountability, transparency, and serviceability, and to generate financial resources to support AFICS-PHL operations. 

Its main functions are:

1. to develop and oversee the establishment of AFICS-PHL financial management system and procedures (FMSP) that promote accountability, transparency and compliance with recognized standards of financial management;

2. to develop in cooperation with the other Committees the financial plan and projects to support of AFICS-PHL work plan, and monitor and support the implementation of the financial plan and projects approved by the Board, to ensure compliance with the FMSP; and

3. to propose to the Board, and as appropriate, implement financing strategies and specific projects to support the administrative, operational, and project financing requirements of AFICS-PHL.

The Committee may establish specific objectives and corresponding deliverables within the AFICS bi-annual work plan.  The activities and tasks will thus be set bi-annually. 

Organizational Arrangements

The Committee members will be tasked on the basis of voluntary assignment to project/activities.  They will endeavour to work cooperatively in tandem with other members. The Vice-President for Finance and Fund Development /Committee Head will convene meetings of the Committee.

The Vice-President will report to the Board of Trustees & Executive Committee on the work of the Committee and for approval of its proposals. 

Meetings

The Committee shall meet en banc (face-to-face or online, whichever is workable) at the first quarter of the year, but no later than 30 March, for its annual or bi-annual work plan, and at the 3rd quarter for review of progress or accomplishments to-date against the work plan deliverables.  Ad hoc or special meetings may be convened as requested by any member for matters requiring Committee discussions. 

Reporting

Members of the FFDC shall prepare reports on their respective assigned tasks/projects to be consolidated by the Vice-President/Committee Head for the year-end reporting or as may be needed for the BoT/ExCom discussions. The FFDC shall submit its annual report to the Board of Trustees.

Objective 1: Ensure compliance with the adopted Financial Management System and Procedures (FMSP) as part of the Rules of Procedures and ensure the continuing relevance of the protocols established for financial management. 

Output 1.1: Observation notes on utilisation of and compliance with  FMSP.

Activity 1:  Monitoring of use of & compliance with  FMSP;   notes on observations and notification of concerned parties.

Output 1.2:  Internal Audit Report: On compliance, utilisation, and recommendations for adjustments in FMSP.

Activity 1:   Drafting of general ToR of Internal Auditor;  finalization by FinCom.

Activity 2:  Draft ToR/scoping for conduct of the first internal audit; finalization of ToR.

Activity 3:  Recruitment of Internal Auditor for the First Internal Audit.

Activity 4:  Conduct of internal audit.

Activity 5:  Submission of draft/final report on internal audit

Objective 2: Ensure funds generated to support AFICS-PHL financial sufficiency  to cover O&M and subject to funds availability,  project initialization.

Output 2.1: Travel and tours undertaken to generate income.

Activity 1:  Completion of Bhutan tour

Activity 2:   Planning of Balkan (or other) tour

Activity 3:  Planning and mobilisation for  European and other tour destinations for 2027

Output 2.2:  New fund raising proposals developed and implemented/initiated.

Activity 1:  Drafting of proposals for: i) an evening of music, ii) DanceO'rama, iii) investment pool

Activity 2:  Presentation of proposals to BoT

Activity 3:  Execution of approved proposals 

Objective 3: Provide support to fund raising and other finance-related concerns of other Committees and AFICS-PHL  .

Output 3.1: Review and monitoring of FMSP; advice, guidance and other assistance provided to Treasurer and other Committees on finance concerns, as needed.